JERSEY CITY, N.J. — Affinius Capital has provided a $310 million construction loan for Park Tower, a 1,049-unit multifamily project in Jersey City. New York City-based Namdar Group is developing the project, which will be located in the city’s Journal Square neighborhood and will offer one-, two- and three-bedroom units. Specifically, Park Tower will have 743 alcove studios, 179 one-bedroom apartments and 22 two-bedroom apartments, and 105 units will be designated as affordable housing. The commercial component will include 30 extended-stay hotel units and ground-floor retail. Residential amenities will include a fitness center, yoga studio, bowling alley, arcade, music room, golf simulator, game room and a rooftop lounge. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet and Edward Leboyer of Walker & Dunlop arranged the loan. Completion is scheduled for mid-2029.
In addition to the $310 million senior loan for Park Tower, a new multifamily project in Jersey City, Walker & Dunlop also secured an $80 million, floating-rate mezzanine loan from BH3 Fund Advisors for the project.
Affinius Capital Provides $310M Construction Loan for Jersey City Multifamily Project
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