Walker & Dunlop’s Capital Markets Institutional Advisory team has successfully arranged $390 million in construction financing for Park Tower, a landmark 47-story, Class A mixed-use multifamily development slated for the heart of Jersey City’s Journal Square.
Acting as exclusive advisor to developer Namdar Group, the Walker & Dunlop team secured the floating-rate, interest-only financing package, which includes a senior construction loan from Affinius Capital alongside a mezzanine loan from BH3 Fund Advisors.
Located at 8–16 Lott Street, the approximately 501,000-square-foot high-rise will sit just a five-minute walk from the Journal Square PATH station, offering direct transit access to Lower and Midtown Manhattan. Upon its anticipated completion by May 31, 2029, Park Tower will introduce 1,049 residential units to the booming corridor—comprising 944 market-rate apartments and 105 affordable residences. The market-rate layout features 743 alcove studios, 179 one-bedroom units, and 22 two-bedroom apartments, while the affordable component includes 21 studios, 60 two-bedroom units, and 24 three-bedroom layouts. Additionally, the property will house 30 extended-stay hotel units and ground-floor retail space.
“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 Aaron Appel, senior managing director of Capital Markets and co-head of Institutional Advisory at Walker & Dunlop. “This financing reflects the strength of the project, Namdar Group’s vision for Journal Square and continued institutional demand for housing in the market.”
The transaction extends Walker & Dunlop’s ongoing partnership with Namdar Group in Journal Square, following previous successful financings including a $220 million refinancing for 626 Newark Avenue in September 2025 and $180 million in financing for 35 Cottage Street in July 2026.
