Jersey City apartment project secures $120M in financing

A multifamily project in Jersey City has secured $120 million in construction financing, the lender announced Thursday.

SCALE Lending, a New York-based affiliate of Slate Property Group, closed on the loan for 618 Pavonia Ave., which is being developed by Namdar Group. Namdar is building the new property from the ground up, following on multiple nearby projects in the Journal Square area. Greystone arranged the financing.

“We’re excited to work with SCALE Lending as we move our project at 618 Pavonia Ave. forward,” Effy Namdar, chief operating officer of the New York-based firm, said in a prepared statement. “We’re proud to bring this important housing development to Journal Square that will help generate economic development and growth for the surrounding neighborhood.”

The new property will be 27 stories and include 432 total units, including 40% efficiency apartments.