Sheppard Mullin Advised Scale Lending in $247 Million Financing for Two New Jersey Real Estate Projects
01.11.2024
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.
The Sheppard Mullin deal team that represented Scale Lending was led by partners Neil Cohen and Richard Fries and special counsel Jennifer Warheit.