Centennial Bank Provides $152M Construction Loan for Journal Square High-Rise
Namdar Group is building another residential tower in the Jersey Square area of Jersey City
By Brian Pascus August 29, 2024 3:15 pm
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Namdar Group has secured a $152 million construction loan to build a 588-unit luxury apartment tower that will include both a synagogue and a preschool in Journal Square, N.J.
Centennial Bank provided the senior financing portion of the loan, while an unnamed private lender provider provided the mezzanine portion of the debt. A JLL Capital Markets debt advisory team of Thomas E. Didio Jr. and Michael Mataras arranged the financing on behalf of the sponsor.
Andrew Namdar of Namdar Group said in a statement that his firm was “excited” to once again work with Centennial Bank to finance a development in Journal Square. Last year, the firm secured a $160 million bridge loan from Slate Property Group for 9 Homestead Place, a 27-story, 432-unit mixed-use building in Jersey City, N.J.
JLL’s Didio praised Namdar Group’s acuity in entering the surging Journal Square marketplace early.
“Namdar was an early mover in the JSQ marketplace and has built an institutional quality portfolio of highly efficient multi-housing units to meet the continued market demand,” said Didio in a statement.
Located at 35 Cottage Street — a short walk from the Journal Square PATH Station — the new development will rise 27 stories, feature 24 floors of apartments, and include three floors of commercial space to be filled by a Chabad synagogue, a preschool and a party hall.
Brian Pascus can be reached at bpascus@commercialobserver.com
