Walker & Dunlop Arranges $390M Construction Financing for 1,049-Unit Park Tower in Jersey City's Journal Square
Walker & Dunlop has arranged $390 million in construction financing for Park Tower, a planned 47-story Class A mixed-use multifamily development in Jersey City's Journal Square neighborhood, the firm announced Sept. 3, 2026.
The project, developed by Namdar Group, will rise at 8–16 Lott Street and 625–639 Newark Avenue, approximately a five-minute walk from the Journal Square PATH station. At approximately 501,000 square feet and 1,049 apartments, Park Tower is among the largest ground-up multifamily developments currently planned in Hudson County.
Capital Stack and Loan Structure
The $390 million financing package comprises two floating-rate, interest-only loans. Affinius Capital provided the senior construction loan, while BH3 Fund Advisors supplied the mezzanine tranche. The floating-rate, interest-only structure is designed to preserve cash flow during the construction period.
The financing equates to approximately $372,000 per residential unit and roughly $778 per gross square foot, based on the $390 million loan amount and the project's reported unit count and square footage. Those figures represent financing ratios, not a purchase price or completed-property valuation.
Walker & Dunlop's Capital Markets Institutional Advisory team arranged the transaction. The team included Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet and Edward Leboyer.
Project Details: Units, Mix and Amenities
Park Tower will contain 1,049 apartments across 944 market-rate units and 105 affordable units. The market-rate component consists of 743 alcove studios, 179 one-bedrooms and 22 two-bedrooms. The affordable component includes 21 studios, 60 two-bedrooms and 24 three-bedrooms.
In addition to residential space, the development will include 30 extended-stay lodging units and approximately 2,032 square feet of ground-floor retail. The project will not include vehicle parking; instead, the development plans for 523 bicycle spaces, reflecting its transit-oriented positioning near the Journal Square PATH station.
Completion is targeted for May 2029.
Journal Square Development Context
Journal Square has emerged as one of Jersey City's most active high-density development corridors, supported by PATH rail access and redevelopment incentives. Park Tower's scale—more than 1,000 apartments in a single building—will make it a significant presence in the submarket upon delivery.
The project's unit mix is heavily weighted toward smaller apartments: 743 of the 944 market-rate units are alcove studios, representing roughly 79% of the market-rate component. That configuration targets single-person households and residents prioritizing transit access over larger floor plans. The affordable component is weighted toward larger units, with the majority of affordable apartments being two- and three-bedrooms.
The absence of automobile parking reduces construction cost and land consumption relative to conventional multifamily projects, but it also ties leasing performance closely to transit access and demand for car-free urban living.
Financing Significance
The $390 million construction package is notable in scale for a single urban multifamily development and required assembling multiple layers of debt capital rather than a single bank construction facility. The combination of a senior loan from Affinius Capital and mezzanine financing from BH3 Fund Advisors reflects the complexity of capitalizing a project of this size in the current lending environment.
Park Tower's completion target of 2029 places its stabilization in a later market cycle, making assumptions about future rents, operating expenses, interest rates and competing supply central to the project's underwriting. The floating-rate loan structure also leaves the borrower exposed to benchmark-rate movements and future refinancing conditions over the construction period.