One of the many glass towers that have been rising in Journal Square has secured a sizable bridge loan as leasing operations are beginning at the property.
Walker & Dunlop announced that they have arranged a $220 million bridge loan to refinance 626 Newark Avenue, a 576-unit, mixed-use multifamily property developed by Long Island-based Namdar Group. The 27-story tower includes 27,662 square feet of commercial and retail space including a ground floor storefront space that fronts the Central Avenue extension.
Walker & Dunlop New York Capital Markets, led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet, and Edward Leboyer acted as an exclusive advisor to Namdar Group, with TYKO providing the capital.
“626 Newark integrates luxury living with vibrant retail and commercial spaces that foster connection and convenience for all renters and neighbors alike,” said Effy Namdar, chief investment officer at Namdar Group. “This dynamic mix supports a true live-work-play environment, positioning the property as a cornerstone of the rapidly evolving Journal Square community.”
The 626 Newark property sits across the street from the soon-to-open Frank J. Guarini Justice Complex and is diagonally adjacent to the planned Courthouse Park facility. The building is about a two-minute walk from the Journal Square PATH station.
“We are glad to have helped structure a solution that aligns with Namdar Group’s goals for 626 Newark,” said Aaron Appel, senior managing director of New York Capital Markets at Walker & Dunlop. “This transaction appropriately recapitalizes the indebtedness now that the project is built and provides reserves to support a successful lease-up, which is already exceeding underwritten expectations.”
The new injection of financing comes just months after Namdar secured another $160 million loan to finish construction of the complex.
