Walker & Dunlop has arranged a $220 million bridge loan to refinance 626 Newark Avenue, a newly completed 27‑story, Class A mixed‑use multifamily property in the heart of Jersey City’s Journal Square neighborhood. The Walker & Dunlop New York Capital Markets team, 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 400,175‑square‑foot building offers 576 residential units along with nearly 28,000 square feet of commercial and retail space. Designed to appeal to a wide range of renters — from young professionals and students to middle‑income households — the property delivers premium amenities and a high‑quality living experience at more accessible rates than comparable options in New York City.
Its location is one of its strongest assets. Just a two‑minute walk from the Journal Square PATH station, residents can reach Manhattan in about 10 minutes. The neighborhood’s central position, combined with access to major highways and public transit, has made it a magnet for people relocating from Manhattan and Brooklyn in search of more space and value.
Journal Square itself is undergoing a period of rapid growth and transformation. Jersey City was ranked the fifth top tech city in the United States in 2024, with nearly 400 technology and IT firms operating locally. The area has also become a hub for fintech and financial services companies, supported by state programs such as the Grow NJ tax incentive. Investments in life sciences and innovation are further shaping Journal Square into a vibrant, forward‑looking urban center.
For Walker & Dunlop, this transaction reflects its deep experience in the multifamily sector. In 2024 alone, the firm originated over $30 billion in debt financing, including more than $25 billion for multifamily properties. This track record has made it a trusted advisor to many of the nation’s leading developers, owners, and operators.
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“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. We are proud to bring this vision to life for Jersey City.”
Effy Namdar, chief investment officer at Namdar Group
“We are glad to have helped structure a solution that aligns with Namdar Group’s goals for 626 Newark. 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.”
Aaron Appel, senior managing director of New York Capital Markets at Walker & Dunlop
