# Namdar Group Secures $358 Million for Two Journal Square Residential Towers
Namdar Group just landed $358 million in construction financing from Tyko Capital for two mixed-use residential towers in Journal Square, Jersey City. That’s a huge shot in the arm for local development and will bring more than 1,100 new residential units to the area.
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This is one of the biggest real estate investments Jersey City’s seen lately. It definitely shows that investors are betting on the city’s growth in a big way.
The Scale and Scope of the Development
Newmark’s team—Jordan Roeschlaub, Nick Scribani, and Max Ralby—put together the financing. The money will go toward building two 27-story towers at different spots in Journal Square.
These towers will change the neighborhood’s skyline and add much-needed residential space.
29 Van Reipen Avenue Project Details
The larger project is at 29 Van Reipen Avenue. Here’s what’s planned:
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The design follows the popular mixed-use trend—people can live, work, and shop in one spot. It’s supposed to cut down on commutes and help people feel more connected to their community.
612 Pavonia Avenue Tower Specifications
The second tower, going up at 612 Pavonia Avenue, is a bit smaller but still packs a punch:
In total, these projects will add 1,126 new multifamily units to Jersey City’s housing supply. That’s a big deal for a city that’s growing as fast as this one.
Namdar Group’s Growing Investment in Jersey City
This isn’t Namdar Group’s first big move in Journal Square. Just four months ago, they secured a $335 million loan from Hudson Bay Capital Management to refinance three other multifamily buildings in the neighborhood.
Namdar’s been making major financial moves lately. Even though nobody from Namdar Group, Tyko Capital, or Newmark commented, their actions say a lot about how much faith they have in Journal Square’s future.
Impact on Journal Square and Jersey City
Journal Square’s changing fast. It used to be mostly a transit hub, but now it’s turning into a place people actually want to visit and live, with new restaurants, apartments, and stores popping up.
If you’re wondering where to stay in Jersey City, Journal Square is starting to look like a real alternative to downtown. Construction’s still happening, but the area already has easy PATH train access to Manhattan, which is a big plus for both locals and visitors.
All these new apartments are bound to bring more business and amenities to the neighborhood. These days, things to do in Jersey City are spreading out from downtown, and these new developments are only going to speed that up.
Broader Implications for Jersey City’s Growth
The steady flow of investment into Journal Square really says a lot about Jersey City’s growth. With quick access to Manhattan and lower rents, it’s no wonder more folks are eyeing Jersey City instead of New York City.
Tourists find it pretty easy to reach Jersey City—just hop on a PATH train, catch a ferry, or drive over. As new developments pop up, visitors get more choices for places to stay.
Most Jersey City hotels still cluster downtown, but these new mixed-use buildings might finally bring some fresh hospitality options to Journal Square.
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Here is the source article for this story: Tyko Capital Lends $358M for Jersey City Resi Towers
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