Tyko Capital Lends $358M for Jersey City Resi Towers

Namdar Group has landed $358 million of construction financing to build two mixed-use residential assets in Jersey City, Commercial Observer has learned.

Tyko Capital provided the loan for Namdar to begin construction of 1,126 new multifamily units at 29 Van Reipen Avenue and 612 Pavonia Avenue in Jersey City’s Journal Square neighborhood. 

When completed, the properties will also include 15,000 square feet of office and retail space. 

Newmark negotiated the transaction with a team consisting of Jordan Roeschlaub, Nick Scribani and Max Ralby. 

The 27-story 29 Van Reipen project will feature 696 units and roughly 3,076 square feet of commercial space and 19,380 square feet of retail space, New York YIMBY reported in September 204. 

The 612 Pavonia tower will also rise 27 stories with 432 units, approximately 4,536 square feet of retail and 3,295 square feet  for a professional office spa, according to New York YIMBY. 

The deal, which closed Thursday afternoon, was struck just over four months after Newmark arranged a $335 million loan for Namdar from Hudson Bay Capital Management to refinance three multifamily buildings in Journal Square at 9 Homestead Place, 26 Van Reipen Avenue and 28 Cottage Street.

Namdar Group, Tyko Capital and Newmark did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com