Jersey City housing project secures $120 million in funding

A multi-family development in Jersey City has secured $120 million in construction financing, the lender announced Thursday.

SCALE lendinga New York-based subsidiary of Slate Property Group, closed the loan for 618 Pavonia Ave. developed by Namdar group. Namdar is building the new lot from the ground up, following several nearby projects in the Journal Square area. Greystone arranged the financing.

“We are pleased to be working with SCALE Lending as we advance our project at 618 Pavonia Ave. move forward,” Effy Namdar, the New York-based company’s chief operating officer, said in a prepared statement. “We are proud to bring this important housing development to Journal Square, which will contribute to the economic development and growth of the surrounding neighborhood.”

The new building will have 27 floors and a total of 432 units, including apartments with 40% efficiency.

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