Walker & Dunlop Arranges $390 Million Construction Financing for Namdar Group's Park Tower in Jersey City

Walker & Dunlop has arranged $390 million in construction financing for Park Tower, a planned 47-story Class A mixed-use multifamily tower in Jersey City's Journal Square neighborhood developed by Namdar Group, the firm announced Sept. 2.

The capital stack consists of a floating-rate, interest-only senior construction loan from Affinius Capital and a floating-rate, interest-only mezzanine loan from BH3 Fund Advisors. Walker & Dunlop Capital Markets Institutional Advisory served as exclusive advisor to Namdar Group on the transaction.

Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet, and Edward Leboyer led the assignment for Walker & Dunlop.

Park Tower: Program and Unit Mix

Rising 47 stories and encompassing approximately 501,000 square feet, Park Tower will deliver 1,049 residential units across market-rate and affordable tiers. The 944 market-rate apartments will include 743 alcove studios, 179 one-bedroom units, and 22 two-bedroom units. The 105 affordable apartments will comprise 21 studios, 60 two-bedroom units, and 24 three-bedroom units.

The commercial component includes 30 extended-stay hotel units and ground-floor retail space. The project is located at 8–16 Lott Street and 625–639 Newark Avenue, within the Journal Square Redevelopment Area, a five-minute walk from the Journal Square PATH station. That station provides direct service to the World Trade Center in Lower Manhattan and 33rd Street in Midtown Manhattan. Completion is expected by May 31, 2029.

At $390 million across 1,049 units, the financing implies approximately $372,000 per unit and roughly $778 per square foot of gross floor area.

What the Parties Said

"Park Tower brings together market-rate and affordable housing, extended-stay accommodations and retail in one of the region's most active transit-oriented neighborhoods," said Aaron Appel, senior managing director of Capital Markets and co-head of Institutional Advisory at Walker & Dunlop. "This financing reflects the strength of the project, Namdar Group's vision for Journal Square and continued institutional demand for housing in the market. We value our longstanding relationship with Namdar Group and the opportunity to work alongside them again as they bring another significant residential development to Journal Square."

"We continue to see strong demand in Journal Square from young professionals, students and middle-income residents who want a Class A living experience with convenient access to Manhattan," said Effy Namdar, chief investment officer at Namdar Group. "Park Tower's intentionally designed unit mix directly responds to that demand while offering premium amenities and rents that remain attractive compared with Manhattan. We appreciate Walker & Dunlop, Affinius Capital, and BH3 Fund Advisors for their partnership and for recognizing our vision for the project and the continued growth of Journal Square."

"Namdar Group's deep track record in Journal Square, combined with the project's scale, prime location and well-conceived programming, made this compelling financing opportunity for BH3 Fund Advisors," said Adam Falk, co-portfolio manager at BH3 Fund Advisors. "We're pleased to have partnered with Namdar Group, Affinius Capital, and Walker & Dunlop to capitalize this significant addition to the neighborhood."

Namdar Group's Journal Square Pipeline

The Park Tower transaction is the third major financing Walker & Dunlop has arranged for Namdar Group in Journal Square in under two years, underscoring the developer's concentration in the submarket.

In September 2025, Walker & Dunlop arranged a $220 million refinancing for 626 Newark Avenue, a 576-unit, 27-story Class A mixed-use multifamily property totaling approximately 400,175 square feet, with capital provided by TYKO Capital. In July 2026, Walker & Dunlop arranged $180 million in floating-rate, interest-only bridge financing from Affinius Capital for 35 Cottage Street, a 27-story, 564-unit luxury multifamily development.

Across those three transactions, Walker & Dunlop has arranged a combined $790 million in financing for Namdar Group properties in Journal Square. Affinius Capital has now participated as a lender in at least two of the three deals.

Market Context

Journal Square has drawn sustained developer interest in part because of its PATH connectivity to Midtown and Lower Manhattan and its relative affordability compared with New York City submarkets. The neighborhood's transit-oriented character and ongoing residential pipeline have positioned it as a destination for renters priced out of Manhattan.

Walker & Dunlop's Capital Markets team sourced more than $22 billion from non-agency capital providers in 2025, including nearly $16 billion for multifamily properties.