SCALE Lending, the debt financing arm of Slate Property Group, has provided an $83 million bridge loan to The Namdar Group for the newly completed 26 Van Reipen Avenue in Journal Square, Jersey City. This loan is part of a larger funding package totaling $283 million, which also supported another development, 626 Newark Avenue, within the same neighborhood.
Located at 26 Van Reipen Avenue, the 27-story building, designed by C3D Architecture, was completed in late 2023 and contains 235 residential units. In addition to residential units, it boasts 7,562 square feet of retail space and 7,546 square feet of office space. These commercial spaces are master leased to CMPND, an apartment and co-working community that blends living and working environments under one roof.
The loan from SCALE will be used to retire $73 million in outstanding construction financing, as well as to support the lease-up and stabilization of the building.
26 Van Reipen is located steps from the Journal Square subway station, which services the PATH train. Beyond that, it is in close proximity to a number of bus lines, including the 83, 87, 88 and 119 lines.
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Yikes, cantilevering over those houses.
So I will add some comments about the change in the neighborhood. Yes such a tall building looks out of place next to its neighbors. But a few things are happening here. First, this neighborhood is still recovering from poor, mid-century redevelopment including parking lots, single floor commercial with strip parking, and older houses which have not received substantial investment for some time. If you own one of those older houses your property values have gone way up. Also, I have visited this block and some of the nearby houses will likely transition to this higher density, however, some of the houses and have taken the queue from being on a better block and instead of tearing down are under active renovation and/or restoration. Jersey City has the housing demand and this puts new residents in a 15 minute neighborhood that is fully coming on line with historic buildings and places nearby along with fantastic transit.
I had to look at the rendering at least twice, to actually see how the new tower will blend SEAMLESSLY into the neighborhood?! 🤔🤣😂
The best part will be how it will act as a giant SUNDIAL for everyone! 😀
An environment like this I think it’s very good, because there is both living and working within the same area: Thanks.