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One of the most prominent developers in Jersey City’s Journal Square has secured a loan that will help transition their newly completed property.
The Long Island-based company, who plan to build six high-rises in the Journal Square neighborhood, recently hit a milestone on dueling 27-story developments that will add 667 residences to the area.
The Long Island-based developer is constructing two glass-heavy high-rises out of six that are planned for the block that will create a new pedestrian-only street lined with retail shops.
Yesterday, SCALE Lending announced that it closed on a $120 million construction loan for a Journal Square multi-family development.
Namdar Group will be bringing three high-rises and a pedestrian plaza to several parcels near Journal Square and the newly revealed third tower is set to include 376 apartments plus office and retail space.
A development with multiple phases is moving forward in Jersey City. The first phase is already under construction and the developer just received a key approval to bring three additional towers to Journal Square.