NEW YORK CITY – Family-owned real estate company, the Namdar Group has secured a $42.7 million bridge loan from Lightstone's real estate debt platform, Lightstone Capital, to refinance its mixed-use building, MRK, in New York City's Jersey City neighborhood.
The Namdar Group will utilize the loan to refinance existing senior and mezzanine construction loans for the recently completed project located at 97 Newkirk St. in Jersey City's Journal Square neighborhood.
The 15-story building recently commenced residential leasing for its 132 multifamily units. The property additionally features 23,000 square feet of office space, which has been fully-leased to a co-working operator with a 15-year tenancy. The property additionally features a gym, a yoga room and a rooftop terrace and lounge.
The Namdar Group has previously developed properties throughout New York City and the Caribbean. The company is currently developing numerous mixed-use towers in Jersey City.
"We are excited to be working with the Namdar Group, a visionary developer with huge plans for Jersey City," said Eugene Rozovsky, SVP of real estate debt strategies at Lightstone Capital. "Additionally, we see a lot of growth potential bolstering strong fundamentals in Journal Square and believe this project, which offers competitively priced modern and efficient units along with many high end amenities, perfectly aligns with the market's growth trajectory."
The Greystone Capital Advisors team led by Drew Fletcher, Matthew Hirsch and Bryan Grover represented the Namdar Group in arranging the financing. The Greystone team closed the loan in less than 30 days.
"Speed and certainty of execution were critical for this transaction. Eugene and the Lightstone Capital team delivered a smooth, efficient closing process that allowed our client to refinance from term sheet to closing," said Fletcher. "The new Lightstone bridge loan will give Namdar the additional flexibility and runway required to complete their lease-up and put the property on solid footing for the long-term."
The Namdar Group's MRK building in Jersey City.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
