Tyko Capital Provides $220M Refi for Namdar Group’s Jersey City Apartment Tower
The 27-story residential tower includes 576 units for middle-income and upscale residents
By Brian Pascus September 15, 2025 11:41 am
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Namdar Group has secured $220 million to refinance 626 Newark Avenue, a 27-story Class A, mixed-use multifamily property that recently opened in the Journal Square neighborhood of Jersey City, N.J.
Tyko Capital provided the debt financing, according to a release, while the Walker & Dunlop New York capital markets team of Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet and Edward Leboyer arranged the transaction.
W&D’s Appel said in a statement that the refinancing recapitalizes existing debt following the completion of 626 Newark Avenue, which began construction in 2024, and will finance enough reserves for lease-up, which he added is “already exceeding underwritten expectations.”
CO previously reported that Scale Lending, the debt financing arm of Slate Property Group, provided a $160 million construction loan on the project in January 2024.
“It was rewarding to partner with Tyko and Namdar Group to bring this complex deal to life while advancing the property’s vision as a premier residential destination in Journal Square,” Appel added.
626 Newark Avenue features 576 residential units. The 400,175-square-foot property holds nearly 300,000 residential rentable square feet and almost 30,000 square feet of rentable retail space.
Effy Namdar, chief investment officer at Namdar Group, said in statement that the project targets Jersey City renters who aim to experience Class A amenities and a high-quality living experience at more accessible rates than nearby New York City, all while engaging in the live-work-play dynamic that has made Journal Square such a hit with technology and financial firms.
Jersey City ranked as the No. 5 tech city in the United States in 2024, according to Tech Journal Cloudwares. The building sits a short walk from the Journal Square PATH Station, which provides 10-minute subway access to Manhattan.
“626 Newark integrates luxury living with vibrant retail and commercial spaces that foster connection and convenience for all renters and neighbors alike,” Namdar said. “We are proud to bring this vision to life for Jersey City.”
Brian Pascus can be reached at bpascus@commercialobserver.com.
