Walker and Dunlop, Inc. announced today that it has arranged $390 million in construction funding for Park Tower. This building is a new Class A mixed-use multifamily development in Jersey City’s Journal Square neighborhood.
Walker and Dunlop Capital Markets Institutional Advisory arranged the loan as exclusive advisor to Namdar Group. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet, and Edward Leboyer arranged the floating-rate, interest-only senior construction loan from Affinius Capital and the floating-rate, interest-only mezzanine loan from BH3 Fund Advisors.
“Park Tower brings together market-rate and affordable housing, extended-stay accommodations and retail in one of the region’s most active transit-oriented neighborhoods,” said Appel, senior managing director of Capital Markets and co-head of Institutional Advisory at Walker & Dunlop. “ Also, this financing reflects the strength of the project, Namdar Group’s vision for Journal Square and continued institutional demand for housing in the market. Moreover, we value our longstanding relationship with Namdar Group and the opportunity to work alongside them again as they bring another significant residential development to Journal Square.”
Number of Stories and Facilities
Furthermore, rising 47 stories and encompassing approximately 501,000 square feet, Park Tower will feature 1,049 residential units, 944 market-rate apartments, and 105 affordable apartments. Also, the market-rate residences will include 743 alcove studios, 179 one-bedroom apartments and 22 two-bedroom apartments, while the affordable residences will include 21 studios, 60 two-bedroom apartments, and 24 three-bedroom apartments. The commercial component will include 30 extended-stay hotel units, complemented by ground-floor retail. The project is expected to be completed by May 31, 2029.
“We continue to see strong demand in Journal Square from young professionals, students and middle-income residents who want a Class A living experience with convenient access to Manhattan,” said Effy Namdar, chief investment officer at Namdar Group. “Park Tower’s intentionally designed unit mix directly responds to that demand while offering premium amenities and rents that remain attractive compared with Manhattan. We appreciate Walker & Dunlop, Affinius Capital, and BH3 Fund Advisors for their partnership and for recognizing our vision for the project and the continued growth of Journal Square.”
Location
Located in the heart of Journal Square, Park Tower will be a five-minute walk from the Journal Square PATH station, providing direct access to the World Trade Center in Lower Manhattan and 33rd Street in Midtown Manhattan. The neighborhood’s connectivity to New York City, coupled with its relative affordability, has continued to drive residential demand and new development.
“Namdar Group’s deep track record in Journal Square, combined with the project’s scale, prime location and well-conceived programming, made this compelling financing opportunity for BH3 Fund Advisors,” said Adam Falk, co-portfolio manager at BH3 Fund Advisors. “We’re pleased to have partnered with Namdar Group, Affinius Capital, and Walker & Dunlop to capitalize this significant addition to the neighborhood.”
Other Project Fundings by Walker and Dunlop
Additionally, the transaction continues Walker and Dunlop’s partnership with Namdar Group in Jersey City’s Journal Square neighborhood. Lastly, in September 2025, Walker and Dunlop arranged a $220 million refinancing for 626 Newark Avenue, a 576-unit. This unit is also a Class A mixed-use multifamily property. Additionally, this was followed by $180 million in financing for 35 Cottage Street in July 2026. This funding was also meant to support the 27-story, 564-unit luxury multifamily development.
Park Tower Factsheet
Project Name: Park Tower
Location: Journal Square, Jersey City, New Jersey (5-minute walk to Journal Square PATH Station)
Developer: Namdar Group
Building Specs: 47 stories, 501,000 gross square feet
Target Completion: May 31, 2029
Financing Details
- Total Construction Financing: $390 Million
- Exclusive Advisor: Walker & Dunlop Capital Markets Institutional Advisory
- Senior Loan: Floating-rate, interest-only senior construction loan provided by Affinius Capital
- Mezzanine Loan: Floating-rate, interest-only mezzanine loan provided by BH3 Fund Advisors
Residential Breakdown (1,049 Total Units)
Market-Rate Apartments (944 Units):
- Alcove Studios: 743
- 1-Bedroom: 179
- 2-Bedroom: 22
- Affordable Housing Apartments (105 Units):
- Studios: 21
- 2-Bedroom: 60
- 3-Bedroom: 24
Commercial and Retail Component
- Extended-Stay Hotel: 30 units
- Ground-Floor Retail: Integrated commercial space at street level
Project Team
Namdar Group: Project Developer and Sponsor
Walker and Dunlop, Inc. (Capital Markets Institutional Advisory): Exclusive Advisory and Financial Brokerage Firm
Affinius Capital: Senior Construction Lender (providing the floating-rate senior loan)
BH3 Fund Advisors: Mezzanine Lender (providing the floating-rate mezzanine loan)
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