JLL Capital Markets has successfully arranged $152 million in construction financing for the upcoming development at 35 Cottage Street in Jersey City. This project will feature a 588-unit luxury apartment building that includes unique amenities such as a CHABAD Synagogue, a Pre-School, and the first dedicated party hall in the Journal Square area.

The financing was secured on behalf of the borrower, Namdar Group, with senior financing provided by Centennial Bank (CCFG) and mezzanine financing from a private lender. Namdar Group, known for its strategic early investments in the Journal Square (JSQ) market, continues to expand its portfolio of high-quality multi-housing units to meet growing demand.

“Namdar was an early mover in the JSQ marketplace and has built an institutional quality portfolio of highly efficient multi-housing units to meet the continued market demand. JLL is excited to partner with the CCFG and Namdar teams to bring to life the next building in their portfolio,” said Didio, Jr., Managing Director at JLL Capital Markets.

Andrew Namdar of Namdar Group expressed enthusiasm for the collaboration, stating, “We are excited to have the opportunity to work again with the Centennial team on the development front in Jersey City.”

Jersey City’s multi-housing market has seen significant growth, driven by the influx of office tenants from Manhattan, which has led to increased demand for residential options. The city is particularly attractive to young professionals aged 25 to 44, with nearly half of its households earning over $100,000 annually. The ongoing redevelopment of the Journal Square Transportation Center, combined with these favorable demographics, positions the neighborhood for continued prosperity.

Located less than a five-minute walk from the Journal Square PATH Station, 35 Cottage Street offers convenient access to key destinations, including New York City’s Penn Station, The World Trade Center, and Newark’s Penn Station, all within a 30-minute commute. Situated in the heart of Jersey City, Journal Square boasts a low vacancy rate of 2.3%, even amid rising rents and increased housing supply.

The JLL Capital Markets Debt Advisory team, led by Managing Director Thomas E. Didio, Jr., and Senior Analyst Michael Mataras, played a crucial role in securing the financing for this development.

JLL Capital Markets is a leading global provider of capital solutions, offering expertise in investment sales, debt and equity advisory, and recapitalization. With over 3,000 Capital Markets specialists across nearly 50 countries, JLL delivers tailored solutions for real estate investors and occupiers.

Namdar Group, a family-owned real estate investment and development firm established in 1979, continues to be a major force in Transit Oriented Developments across the United States. The firm has successfully delivered 1,500 residential units to date, with over 5,000 additional units currently under construction or development.

Centennial Bank’s commercial real estate and corporate cash flow lending platform, CCFG, continues to be a key player in the industry, with offices in New York, Dallas, Los Angeles, and Miami. As a subsidiary of Home BancShares, Centennial Bank has consistently ranked #1 on Forbes’ list of America’s Best Banks, solidifying its reputation as a leading financial institution.

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