Newmark has arranged a $310-million construction loan on behalf of Namdar Group for 555 Summit Ave., an 873-unit multifamily development in Jersey City. The property represents the first phase of a planned two-tower development totaling 1,542 units across 555 and 547 Summit Ave. 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.
555 Summit will comprise a 47-story tower with studio, junior one-bedroom, one-bedroom and two-bedroom residences, and approximately 2,300 square feet of retail space. Amenities will include a fitness center, rooftop lounge and terrace, club room and coworking space.
Situated near the Journal Square PATH station, the development offers direct connectivity to Lower Manhattan and the broader New York metropolitan area, according to Newmark.
The post First Phase of Jersey City Multifamily Secures $310M Financing appeared first on Connect CRE.
