A Sheppard Mullin Real Estate team in New York advised Scale Lending in connection with two real estate finance transactions for projects in Jersey City, New Jersey:
- In connection with a $160 million construction loan for the Namdar Group, secured by property located at 626 Newark Avenue in Jersey City’s Journal Square neighborhood. The project is a 27-story, multifamily development that will feature 576 apartments ranging from studios to three-bedrooms and 13,800 square feet of commercial space.
- In connection with a $87.7 million bridge loan for the Namdar Group, secured by property located at 26 Van Reipen Street, which is also in the Journal Square neighborhood. The project is a 27-story, multifamily development that features 235 apartments ranging from studios to three-bedrooms and 15,000 square feet of commercial space.
Original source can be found here.