Walker & Dunlop Arranges $220 Million Refinance for Class A Jersey City Mixed-Use Multifamily Property

BETHESDA, Md.--(BUSINESS WIRE)--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.

Ranked the fifth top tech city in the United States in 2024, Jersey City hosts nearly 400 tech and IT firms and attracts fintech and financial institutions supported by programs such as the Grow NJ tax incentive. With expanding investments in life sciences and innovation, Journal Square is emerging as a premier destination for forward-thinking residents seeking a dynamic urban lifestyle.

“We are glad to have helped structure a solution that aligns with Namdar Group’s goals for 626 Newark,” said Aaron Appel, senior managing director of New York Capital Markets at Walker & Dunlop. “This transaction appropriately recapitalizes the indebtedness now that the project is built and provides reserves to support a successful lease-up, which is already exceeding underwritten expectations. It was rewarding to partner with TYKO and Namdar Group to bring this complex deal to life while advancing the property’s vision as a premier residential destination in Journal Square.”

Walker & Dunlop is one of the top providers of capital to the U.S. multifamily market; in 2024 the firm originated over $30 billion in debt financing volume, including lending over $25 billion for multifamily properties. This vast experience has made them a top advisor on all asset classes for many of the industry’s top developers, owners, and operators. To learn more about Walker & Dunlop’s broad financing options, visit our website.

About Walker & Dunlop

Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.