Affinius Capital has originated a $310 million construction loan to Namdar Group for Park Tower, a planned 47-story multifamily project at 8-16 Lott Street in Jersey City's Journal Square neighborhood. The financing will support development of 1,049 residential units, making it one of the larger single-tower rental projects in the submarket. The deal matters because it signals that institutional construction lenders remain willing to underwrite sizable ground-up multifamily projects in transit-adjacent New Jersey locations, even as broader capital markets conditions have been uneven. The loan also extends an existing relationship pattern: Namdar Group has been an active developer in Jersey City, and Affinius is positioning the transaction as aligned with its strategy of financing multifamily assets with what it calls top-tier sponsorship.
The project received approval from the Jersey City Planning Board in June, roughly a year after Namdar secured a $32 million pre-development loan from Post Road Group, according to the reporting. The tower will include a mix of floor plans ranging from studios to three-bedroom units. Planned community amenities include a fitness center, a yoga studio, a bowling alley, an arcade, a music room, a golf simulator, and a rooftop lounge. Walker & Dunlop negotiated the debt through a capital markets institutional advisory team that included Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet, and Edward Leboyer. The presence of a large advisory team reflects the scale and complexity of the financing package, though the dossier does not disclose loan terms such as interest rate, duration, or recourse structure.
The evidence for this transaction comes from a single full-text article published by Commercial Observer on September 2, 2026. The report cites a statement from David Greenburg, co-head of debt origination at Affinius, who said Park Tower "will be among Journal Square's premier multifamily projects capitalizing on the neighborhood's continued growth." The article also notes that Namdar Group did not immediately return a request for comment. Because the dossier contains only one source, the analysis must remain close to that reporting. Key figures such as the $310 million construction loan, the $32 million pre-development loan, and the 1,049-unit count are drawn directly from the article and are not independently corroborated in the provided material.
The transaction fits within a broader pattern of Journal Square multifamily development activity. The same report notes that Namdar Group recently completed a 27-story, 564-unit luxury apartment tower at 35 Cottage Street in Journal Square. The developer also inked a $335 million debt package to refinance three newly built Jersey City multifamily properties totaling 833 units at 9 Homestead Place, 26 Van Reipen Avenue, and 28 Cottage Street. Taken together, these data points suggest that Namdar has been systematically expanding its Jersey City portfolio, and that lenders have been willing to provide both construction and permanent financing across multiple phases. However, the dossier does not provide market-level vacancy, rent growth, or absorption statistics, so the demand narrative is supported only by the continued financing activity and the statement from Affinius.
Several limitations should be noted. The dossier does not disclose the loan's interest rate, term, loan-to-cost ratio, or any guarantees, which limits the ability to assess risk pricing. It also does not provide a construction timeline, projected completion date, or total project cost beyond the loan amount. The article references a prior report from Jersey Digs about the planning approval, but that source is not included in the dossier, so its details cannot be verified here. What to watch next includes whether Namdar Group confirms the transaction, whether additional lenders or participants are disclosed, and whether the project proceeds to vertical construction on the stated timeline. Future reporting on lease-up performance at the recently completed 35 Cottage Street tower may also provide evidence on whether Journal Square's rental demand supports the scale of new supply represented by Park Tower.