Hudson Bay Capital Supplies $335M Refi for Jersey City Apartments
By Andrew Coen March 28, 2025 11:10 am
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Namdar Group has secured a $335 million debt package to refinance three newly built Jersey City multifamily assets, Commercial Observer has learned.
Hudson Bay Capital Management provided the balance sheet financing for the rental housing portfolio in Jersey City’s Journal Square neighborhood, sources told CO.
The deal closed late Thursday afternoon.
Newmark (NMRK) arranged the transaction with a team led by Jordan Roeschlaub along with Nick Scribani and Max Ralby.
The three buildings include 833 units at 9 Homestead Place, 26 Van Reipen Avenue and 28 Cottage Street. Community amenities at the properties include a fitness center, a yoga room, a bowling alley, a game room, coworking space, a rooftop terrace and grilling stations.
Namdar landed an $80 million bridge loan from Scale Lending early last year to retire $73 million of construction financing and to fund the lease-up of 26 Van Reipen Avenue, CO previously reported. Completed in late 2023, the project consists of 235 apartments, retail space totaling 7,562 square feet, and 7,546 square feet of office space.
Scale, the lending arm of Slate Property Group, also provided a $160 million bridge loan to Namdar in July 2023 for 9 Homestead Place to retire $120 million of construction debt and fund lease-up costs, CO reported at the time. The 432-unit mixed-use building, which debuted in spring 2023, features 10,000 square feet of retail and 21,000 square feet of office space master-leased to CMPND.
Cerberus supplied a $47 million bridge loan to Namdar in 2022 for the lease-up of the 166-unit 28 Cottage development.
Officials at Hudson Bay Capital Management and Namdar Group did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
