Namdar Group $220M Bridge Loan has reshaped the financial landscape of one of Jersey City’s most ambitious projects. The developer secured the massive financing package from TYKO Capital to refinance its 27-story mixed-use tower at 626 Newark Avenue in the heart of the Journal Square neighborhood, according to an announcement Monday from Walker & Dunlop Inc.
Walker & Dunlop arranged the loan on behalf of Namdar, lining up the capital to strengthen the property’s lease-up phase and stabilize operations.
A Visionary Deal Comes to Life
Aaron Appel, senior managing director at Walker & Dunlop and co-leader of the firm’s New York Capital Markets team, described the deal as tailor-made for the developer’s vision.
“We are glad to have helped structure a solution that aligns with Namdar Group’s goals for 626 Newark,” Appel said. “This transaction appropriately recapitalizes the indebtedness now that the project is built and provides reserves to support a successful lease-up, which is already exceeding expectations.”
