Walker & Dunlop Secures $220M Loan To Refinance Jersey City's 626 Newark Avenue Mixed-Use Tower Near PATH Station

Walker & Dunlop, Inc. announced today that it has arranged a $220 million bridge loan to refinance 626 Newark Avenue, an innovative 576-unit, Class A mixed-use multifamily property located within Jersey City's Journal Square neighborhood.

Walker & Dunlop New York Capital Markets, led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet, and Edward Leboyer, acted as an exclusive advisor to Namdar Group, with TYKO providing the capital.

The 27-story, 400,175-gross-square-foot property includes 290,000 residential rentable square feet (RSF) and 27,662 commercial/retail RSF. The building offers 576 units designed for Jersey City renters, including young professionals, students and middle-income earners seeking premium amenities and a Class A living experience at more accessible rates than New York City.

"626 Newark integrates luxury living with vibrant retail and commercial spaces that foster connection and convenience for all renters and neighbors alike. This dynamic mix supports a true live-work-play environment, positioning the property as a cornerstone of the rapidly evolving Journal Square community," said Effy Namdar, chief investment officer at Namdar Group. "We are proud to bring this vision to life for Jersey City."

Located in the heart of the Journal Square neighborhood, 626 Newark is a two-minute walk from the Journal Square PATH station, offering 10-minute access to Manhattan. The area's central location, access to major highways and transit, and more affordable rents continue to draw residents from Manhattan and Brooklyn.