Greystone, a leading national commercial real estate finance company, announced it has arranged a $47 million lease-up bridge loan on behalf of Namdar Group for 28 Cottage, a new 166-unit class-A multifamily property located in the Journal Square neighborhood of Jersey City, NJ. The new loan was originated by Cerberus RE and used to refinance the original construction loan provided by Centennial in 2019. The property commenced pre-leasing in the fall and received its first TCO in December 2021.
The project is located less than one mile from Namar’s recently completed Class-A residential development, MRK at 97 Newkirk Street and adjacent to 618 Pavonia and 26 Van Reipen, two large scale multifamily developments comprised of 650+ units by the sponsor scheduled to deliver in 2023/2024. The project is also adjacent to the planned Homestead Place Extension, which will be a 20-foot outdoor pedestrian-only plaza with an exciting mix of retail and public open areas. In June 2020, the Board of Commissioners of the Jersey City Redevelopment Agency designated Namdar as the redeveloper of multiple tracts along the upcoming Homestead Place extension in the Journal Square neighborhood of Jersey City. The project will benefit from development of Homestead Place and the streetscape improvements that will enhance the live, work, play features of Journal Square. 28 Cottage is designed to appeal to young professional renters by providing a high-quality product that is affordable on a whole dollar basis to competing properties in Jersey City, Brooklyn, and Queens.
The Greystone Capital Advisors team led by Drew Fletcher, Matthew Hirsch, and Bryan Grover served as the exclusive advisor on behalf of Namdar.
“The 28 Cottage transaction is another great example of the tremendously favorable capital markets environment for high quality multifamily assets in strong markets such as Jersey City. The Cerberus execution closed at TCO and allowed Namdar to repatriate substantial equity and lower its borrowing costs, while providing additional time to lease-up and season the asset prior to conversion to permanent financing,” said Drew Fletcher, President of Greystone Capital Advisors.
“This financing is another example of how Greystone is able to deliver creative financing solutions to support our rapidly expanding business. Their deep capital markets knowledge and expertise in the multifamily industry has created tremendous value for our firm,” said Effy Namdar, Founder & CEO of Namdar Group.
