Newmark has successfully arranged a $310 million construction loan on behalf of Namdar Group for 555 Summit Avenue, marking the launch of a major multi-tower residential expansion in Jersey City’s Journal Square neighborhood.
The financing, provided by TYKO, paves the way for the initial phase of a planned two-tower master development that will ultimately bring 1,542 residential units to the area across 555 and 547 Summit Avenues.
Project highlights: 555 Summit Avenue
- Scale and Scope: The development will feature a striking 47-story residential tower.
- Unit Mix: Residences will span a diverse layout range, including studio, junior one-bedroom, one-bedroom, and two-bedroom options.
- Retail and Amenities: The building incorporates approximately 2,300 square feet of ground-floor retail space alongside resident amenities such as a state-of-the-art fitness center, a club room, coworking spaces, and a rooftop lounge with an expansive terrace.
- Prime Transit Location: Situated steps from the Journal Square PATH station, the property offers future residents direct, rapid connectivity to Lower Manhattan and the broader New York metropolitan area.
The transaction was orchestrated by Newmark’s Global Debt & Structured Finance team, led by Co-Head Jordan Roeschlaub, Vice Chairman Nick Scribani, Senior Managing Director Max Ralby, and Associate Dante DiStefano, representing the borrower in securing the capital.
The ambitious project further solidifies Jersey City’s status as a premier destination for large-scale, transit-oriented multifamily investment.
