Walker & Dunlop Arranges $390 Million Construction Financing for Park Tower in Jersey City
Walker & Dunlop, Inc. has arranged $390 million in construction financing for Park Tower, a major Class A mixed-use multifamily development planned for Jersey City’s Journal Square neighborhood. The financing will support the development of a 47-story residential tower that is expected to bring more than 1,000 housing units, affordable residences, extended-stay accommodations, and retail space to one of the region’s most active transit-oriented communities.
Walker & Dunlop Capital Markets Institutional Advisory served as exclusive advisor to Namdar Group, the developer behind the project. The financing package includes a floating-rate, interest-only senior construction loan provided by Affinius Capital, along with a floating-rate, interest-only mezzanine loan from BH3 Fund Advisors.
The Walker & Dunlop team responsible for arranging the financing included Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet, and Edward Leboyer.
Major Residential Development for Journal Square
Park Tower is planned to encompass approximately 501,000 square feet and will feature 1,049 residential units. Of the total, 944 apartments will be offered at market rates, while 105 units will be designated as affordable housing.
The market-rate portion of the development will include 743 alcove studios, 179 one-bedroom apartments, and 22 two-bedroom apartments. The affordable housing component will consist of 21 studios, 60 two-bedroom apartments, and 24 three-bedroom residences.
In addition to the residential units, the project will include 30 extended-stay hotel units and ground-floor retail space. This combination is intended to create a diverse mixed-use environment that serves residents, visitors, and businesses while contributing to the continued transformation of Journal Square.
Construction is currently expected to be completed by May 31, 2029.
Strong Demand for Journal Square Housing
Journal Square has emerged as an increasingly attractive residential market because of its proximity to Manhattan, extensive public transportation connections, and comparatively lower housing costs.
Park Tower will be located approximately a five-minute walk from the Journal Square PATH station. The station provides direct transportation connections to Lower Manhattan’s World Trade Center and 33rd Street in Midtown Manhattan, making the neighborhood particularly attractive to residents who work or study in New York City.
Namdar Group Chief Investment Officer Effy Namdar said the company continues to see strong demand from young professionals, students, and middle-income residents seeking high-quality housing with convenient access to Manhattan.
According to Namdar, Park Tower’s unit mix was designed to respond to this demand while providing residents with premium amenities and rents that remain competitive with Manhattan alternatives.
The project’s combination of market-rate and affordable housing is also expected to broaden its appeal and contribute to the neighborhood’s growing residential base.
Financing Reflects Institutional Interest
The $390 million financing package highlights continued institutional interest in well-located multifamily developments, particularly in transit-oriented markets with strong connections to major employment centers.
Aaron Appel, senior managing director of Capital Markets and co-head of Institutional Advisory at Walker & Dunlop, said Park Tower combines market-rate and affordable housing with extended-stay accommodations and retail in one of the region’s most active transit-oriented neighborhoods.
He said the financing reflects the strength of the project, Namdar Group’s long-term vision for Journal Square, and continued institutional demand for housing in the market.
Walker & Dunlop also emphasized its longstanding relationship with Namdar Group and its opportunity to work with the developer on another significant residential project in Journal Square.
Partnership Across the Capital Stack
The transaction brings together Namdar Group, Walker & Dunlop, Affinius Capital, and BH3 Fund Advisors to provide the capital required to move the development forward.
Adam Falk, co-portfolio manager at BH3 Fund Advisors, said Namdar Group’s experience in Journal Square, combined with Park Tower’s scale, location, and development plans, created an attractive financing opportunity.
The mezzanine financing from BH3 Fund Advisors complements the senior construction loan from Affinius Capital, creating a capital structure designed to support the project’s construction and development requirements.
Continued Activity in Journal Square
The Park Tower financing extends Walker & Dunlop’s broader relationship with Namdar Group and its involvement in Jersey City’s Journal Square neighborhood.
In September 2025, Walker & Dunlop arranged $220 million in refinancing for 626 Newark Avenue, a 576-unit Class A mixed-use multifamily property. The firm subsequently arranged $180 million in financing for 35 Cottage Street in July 2026. That financing supported a planned 27-story, 564-unit luxury multifamily development.
These transactions demonstrate the continued activity surrounding Journal Square and the growing role of multifamily housing in the neighborhood.
Walker & Dunlop’s Capital Markets Expertise
Walker & Dunlop’s Capital Markets platform has significant experience sourcing capital for developers and property owners across the U.S. In 2025, the company’s Capital Markets team sourced more than $22 billion from non-Agency capital providers.
Nearly $16 billion of that total was associated with multifamily properties, highlighting the firm’s expertise in the residential sector and its relationships with institutional and alternative capital sources.
For Park Tower, that experience helped bring together senior and mezzanine financing for a large-scale development at a time when demand for housing near New York City’s major transit connections remains strong.
As Journal Square continues to attract new investment, Park Tower is positioned to become a significant addition to Jersey City’s evolving skyline. With more than 1,000 residential units, affordable housing, extended-stay accommodations, and retail space, the development is expected to contribute to the neighborhood’s housing supply and reinforce its position as a connected alternative to Manhattan living.
With construction expected to continue toward a 2029 completion, the $390 million financing provides Namdar Group with the capital foundation needed to advance one of Journal Square’s largest upcoming residential developments.
Source Link:https://www.businesswire.com/
