CBRE Capital Markets successfully secured $34.5 million in construction financing for the development of 165 Newark Avenue, a prime mixed-use project that will reshape a prominent corner of Downtown Jersey City.
The financing package, arranged for the developer Hopkins Group Management, consists of a senior construction loan provided by Goodman Capital and mezzanine financing from SteepRock Capital. The “layered capital stack” was designed to allow the developer to move forward with the project while minimizing the need for additional outside equity.
The seven-story development is located in one of the most desirable sections of Jersey City, sitting directly adjacent to the Newark Avenue Pedestrian Plaza. The project will feature:
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50 luxury residential units: A mix of high-end apartments designed for the modern urban professional.
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13,904 SF of retail: Prime street-level space targeted at “neighborhood-defining” retail and dining.
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Preservation elements: The project will partially preserve and rehabilitate the historic facade along Newark Avenue, maintaining the architectural character of the former Barcade site.
The project’s primary draw is its “unbeatable” location one block from the Grove Street PATH Station. This proximity allows residents to commute to:
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Downtown Manhattan: Under 10 minutes.
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Midtown Manhattan: Under 20 minutes.
“Well-located, transit-oriented multifamily developments like 165 Newark Avenue continue to attract strong interest from the debt capital markets,” Matthew Pizzolato, senior vice president at CBRE said.
The development marks the final chapter for the building that famously housed Barcade for over a decade. While the venue closed its doors in 2025 to make way for the project, the redevelopment aims to extend the success of the Newark Avenue Pedestrian Plaza, which has become a hub for nightlife and foot traffic.
The CBRE Debt & Structured Finance team, led by Pizzolato and Josh Stein, continues to be one of the most active advisory groups in the North Jersey gold coast, recently securing several large-scale loans for high-rise towers in Journal Square and the Waterfront.
