Financing for a new multifamily development in Journal Square, Jersey City was recently arranged by Greystone on behalf of Namdar Group.
The financing is in the form of a $47 million lease-up bridge loan for 28 Cottage, a new 166-unit Class-A multifamily property located in the Journal Square neighborhood of Jersey City. Cerberus RE originated the new loan, which is being used to refinance the original construction loan provided by Centennial in 2019.
The multifamily project received its first Temporary Certificate of Occupancy (TCO) in December 2021 after commencing preleasing in the fall. The project is adjacent to two large-scale multifamily developments comprising over 650 units and the planned Homestead Place Extension.
The Greystone Capital Advisors team was led by Drew Fletcher and Matthew Hirsch, while Bryan Grover served as the exclusive advisor on behalf of Namdar.
“The 28 Cottage transaction is another great example of the tremendously favorable capital markets environment for high-quality multifamily assets in strong markets such as Jersey City. The Cerberus execution closed at TCO and allowed Namdar to repatriate substantial equity and lower its borrowing costs while providing additional time to lease-up and season the asset prior to conversion to permanent financing,” said Drew Fletcher, President of Greystone Capital Advisors.
“This financing is another example of how Greystone is able to deliver creative financing solutions to support our rapidly expanding business. Their deep capital markets knowledge and expertise in the multifamily industry has created tremendous value for our firm,” said Effy Namdar, Founder & CEO of Namdar Group.