Slate Property Group’s lending arm, SCALE, has provided Namdar Group with a $160-million bridge loan for 618 Pavonia Ave. in Jersey City’s Journal Square neighborhood. Greystone Capital Advisors’ Drew Fletcher and Bryan Grover arranged the loan to retire $120 million in construction financing and fund the lease-up and stabilization of the 27-story, 432-unit rental apartment building known as 9 Homestead Place.
This marks SCALE’s fifth deal with Namdar Group – one of Journal Square’s largest landowners and developers – which is expected to be completed by spring 2023. The project has seen impressive success since its launch; Martin Nussbaum, co-founder & principal at Slate Property Group commented that “in an environment making it difficult to finance development projects our strong relationships & experience are allowing us to get deals across the finish line.”
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