Lightstone Capital, Lightstone’s real estate debt platform, has provided a $42.7 million bridge loan to the Namdar Group to refinance MRK, a 15-story mixed-use building in Jersey City.
The loan will refinance existing senior and mezzanine construction loans for the recently completed MRK project, which has 132 units and approximately 23,000 s/f of commercial space. It is located in the Journal Square neighborhood at 97 Newkirk Street in Jersey City, N.J.
“We are excited to be working with the Namdar Group, a visionary developer with huge plans for Jersey City,” said Eugene Rozovsky, Senior Vice President of Real Estate Debt Strategies at Lightstone Capital.
“Additionally, we see a lot of growth potential bolstering strong fundamentals in Journal Square and believe this project, which offers competitively priced modern and efficient units along with many high end amenities, perfectly aligns with the market’s growth trajectory.”
The building has a range of amenities including a gym, yoga room, and a rooftop terrace and lounge. Residential leasing recently commenced, and the commercial space is fully leased to a boutique co-working operator with a 15-year tenancy.
The property was developed by the Namdar Group, a vertically integrated family-owned real estate company that has developed numerous properties throughout New York City, the Caribbean, and in recent years has shifted its focus to Jersey City where they are currently developing several mixed-use towers.
Greystone Capital Advisors, the capital advisory division of Greystone, a commercial real estate lending and investment firm, represented Namdar in arranging the financing. The Greystone team was led by Drew Fletcher, Matthew Hirsch, and Bryan Grover, who worked closely with Lightstone to close the loan in less than 30 days.
Greystone’s Fletcher said, “Speed and certainty of execution were critical for this transaction. Eugene and the Lightstone Capital team delivered a smooth, efficient closing process that allowed our client to refinance from term sheet to closing. The new Lightstone bridge loan will give Namdar the additional flexibility and runway required to complete their lease-up and put the property on solid footing for the long-term.”