Affinius Capital Lends $310M for Jersey City Multifamily Tower Build 

The demand for apartments across the Hudson River keeps rising.

Namdar Group has landed $310 million of construction financing to build a 47-story multifamily tower in Jersey City, N.J., Commercial Observer has learned.

Affinius Capital originated the loan for Namdar’s 1,049-unit Park Tower project in Jersey City’s Journal Square neighborhood. The large-scale development was given the green light by the Jersey City Planning Board in June a year after it secured a $32 million pre-development loan from Post Road Group paving the way for the tower, Jersey Digs previously reported. 

“Park Tower will be among Journal Square’s premier multifamily projects capitalizing on the neighborhood’s continued growth,” David Greenburg, co-head of debt origination at Affinius, said in a statement. “This project aligns with our strategy of financing exceptional multifamily assets with top-tier sponsorship.”  

Walker & Dunlop negotiated the debt with a capital markets institutional advisory team consisting of Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet and Edward Leboyer.

Located at 8-16 Lott Street, the Park Tower project will have a mix of floor plans ranging from studios to three-bedroom units. Community amenities will include a fitness center, a yoga studio, a bowling alley, an arcade, a music room, a golf simulator and a rooftop lounge.

Long Island-based Namdar Group has been an active developer in Jersey City, recently completing a 27-story, 564-unit luxury apartment tower at 35 Cottage Street in Journal Square.  It also inked a $335 million debt package to refinance three newly built Jersey City multifamily properties totaling 833 units at 9 Homestead Place, 26 Van Reipen Avenue and 28 Cottage Street, as CO previously first reported. 

Namdar Group did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.