One of Jersey’s City’s most prolific developers has secured yet more financing to support their building boom as a two-tower plan along Summit Avenue moves towards the construction phase.
Newmark has announced their arrangement of a $310 million construction loan on behalf of Namdar Group for the first phase of Homestead Market. Situated at 555 Summit Avenue, the initial portion will consist of an 873-unit multifamily development in the burgeoning Journal Square neighborhood.
The financing was provided by TYKO. Co-Head of Global Debt & Structured Finance Jordan Roeschlaub, Vice Chairman Nick Scribani, Senior Managing Director Max Ralby, and Associate Dante DiStefano arranged the financing on behalf of the borrower.
The financing comes just a few months after Namdar’s latest project was approved by Jersey City’s Planning Board. The company’s newest endeavor will take up the entire western frontage of Summit Avenue between Pavonia and Van Reipen Avenues.
Designed by C3D Architecture, Homestead Market will be built in two phases as a pair of separate but connected 47-story towers, each rising 513 feet. As we noted in our previous reporting, the sheer number of units – a total of 1,517 residences – puts it just shy of the recently completed The Journal in terms of scale.
The first phase of the development includes 87 affordable housing units, 26 hotel rooms accessed via a separate lobby, and 2,227 square feet of ground-floor retail. Phase two of the project, which has yet to be funded, would rise just south of the property and feature 654 units (with 66 to be designated as affordable), 15 hotel rooms, and 2,909 square feet of ground-floor retail.
The unit mix at the development skews toward smaller units, with 1,142 of the total being studios. The complex will be rounded out with 214 one-bedrooms, 96 two-bedrooms, and 32 three-bedrooms.
However, the affordable housing units will be larger. 31 of those homes will have one bedroom, while 91 will have two bedrooms, and all but one of the three-bedroom units will be designated as affordable.
The property is located just a short walk from the Journal Square PATH station and does not include vehicle parking. Planned amenities include co-working spaces and a party room, lounge, and gym facility on the development’s 47th floor, plus indoor and outdoor rooftop amenities.
The two towers will include a total of five retail spaces on the ground floor, and a pedestrian walkway will be built between them. The plaza will eventually connect to the Homestead Place Pedestrian Plaza through two other towers currently under construction at 612 Pavonia Ave and 29 Van Reipen Avenue.
The news comes just days after Namdar obtained a separate $390 million loan for another approved development they have in the works called Park Tower, which features 1,049 residences and is slated to rise along almost a block of Central Avenue at the road’s intersection with Newark Avenue.
