Walker & Dunlop, Inc. arranged a $220-million bridge loan to refinance 626 Newark Ave., a 576-unit, Class A mixed-use multifamily property located within Jersey City’s Journal Square neighborhood. The New York Capital Markets team, led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet and Edward Leboyer, advised Namdar Group. TYKO provided the capital.
“We are glad to have helped structure a solution that aligns with Namdar Group’s goals for 626 Newark,” said Appel. “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 underwritten expectations.”
626 Newark is a two-minute walk from the Journal Square PATH station, offering 10-minute access to Manhattan. The area’s central location, access to major highways and transit and more affordable rents continue to draw residents from Manhattan and Brooklyn.
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