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MORRISTOWN, N.J., Aug. 29, 2024 – JLL Capital Markets has secured $152 million in construction financing for the
development of 35 Cottage Street, a 588-unit luxury apartment building
to-be-built in Jersey City, to include a CHABAD Synagogue, Pre-School and
the first dedicated party hall in Journal Square.
 | | Thomas E. Didio Jr. |
JLL
represented the borrower, Namdar Group (“Namdar”), to secure the senior
financing through Centennial Bank (“CCFG”) and the mezzanine financing
through a private lender.
The JLL Capital Markets Debt Advisory team was led by Managing Director Thomas E. Didio, Jr and Senior Analyst Michael Mataras.and Senior Analyst Michael Mataras.
“Namdar
was an early mover in the JSQ marketplace and has built an institutional
quality portfolio of highly efficient multi-housing units to meet the
continued market demand. JLL is excited to partner the CCFG and Namdar
teams to bring to life the next building in their portfolio,” stated Didio,
Jr.
“We are
excited to have the opportunity to work again with the Centennial team on
the development front in Jersey City,” added Andrew Namdar of Namdar Group.
 | | Andrew Namdar |
With the future location of 35 Cottage
Street, the community will be less than a five-minute walk from the Journal
Square PATH Station. 35 Cottage is within 30 minutes of New York City's
Penn Station, The World Trade Center and Newark's Penn Station.
The complex
will be conveniently situated in Journal Square in the heart of Jersey
City, which has a low vacancy rate of 2.3% despite rising rents and an
increase in supply.
Jersey City's multi-housing market has
thrived thanks to the migration of office tenants from Manhattan, driving
up demand for housing options. The city's demographics are particularly
appealing, with nearly half of its households earning over $100,000
annually and a significant portion of the population being young
professionals between the ages of 25 and 44.
With the ongoing Journal
Square Transportation Center redevelopment initiative and these favorable
demographics, the neighborhood is well-positioned for sustained growth.
 | | Michael Mataras |
JLL Capital Markets is a full-service global provider of capital
solutions for real estate investors and occupiers. The firm's in-depth
local market and global investor knowledge delivers the best-in-class
solutions for clients — whether investment sales and advisory, debt
advisory, equity advisory or a recapitalization.
The firm has more than 3,000 Capital Markets specialists worldwide
with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
Senior Associate,
Public Relations
JLL Capital Markets
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