Walker & Dunlop, Inc. announced today that it has arranged $390,000,000 in construction financing for Park Tower, a new Class A mixed-use multifamily development in Jersey City’s Journal Square neighborhood.
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Park Tower. Photo Credit: Namdar Group
Walker & Dunlop Capital Markets Institutional Advisory arranged the loan as exclusive advisor to Namdar Group. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet, and Edward Leboyer arranged the floating-rate, interest-only senior construction loan from Affinius Capital and the floating-rate, interest-only mezzanine loan from BH3 Fund Advisors.
“Park Tower brings together market-rate and affordable housing, extended-stay accommodations and retail in one of the region’s most active transit-oriented neighborhoods,” said Appel, senior managing director of Capital Markets and co-head of Institutional Advisory at Walker & Dunlop. “This financing reflects the strength of the project, Namdar Group’s vision for Journal Square and continued institutional demand for housing in the market. We value our longstanding relationship with Namdar Group and the opportunity to work alongside them again as they bring another significant residential development to Journal Square.”
Rising 47 stories and encompassing approximately 501,000 square feet, Park Tower will feature 1,049 residential units, 944 market-rate apartments, and 105 affordable apartments. The market-rate residences will include 743 alcove studios, 179 one-bedroom apartments and 22 two-bedroom apartments, while the affordable residences will include 21 studios, 60 two-bedroom apartments, and 24 three-bedroom apartments. The commercial component will include 30 extended-stay hotel units, complemented by ground-floor retail. The project is expected to be completed by May 31, 2029.
“We continue to see strong demand in Journal Square from young professionals, students and middle-income residents who want a Class A living experience with convenient access to Manhattan,” said Effy Namdar, chief investment officer at Namdar Group. “Park Tower’s intentionally designed unit mix directly responds to that demand while offering premium amenities and rents that remain attractive compared with Manhattan. We appreciate Walker & Dunlop, Affinius Capital, and BH3 Fund Advisors for their partnership and for recognizing our vision for the project and the continued growth of Journal Square.”
Located in the heart of Journal Square, Park Tower will be a five-minute walk from the Journal Square PATH station, providing direct access to the World Trade Center in Lower Manhattan and 33rd Street in Midtown Manhattan. The neighborhood’s connectivity to New York City, coupled with its relative affordability, has continued to drive residential demand and new development.
“Namdar Group’s deep track record in Journal Square, combined with the project’s scale, prime location and well-conceived programming, made this compelling financing opportunity for BH3 Fund Advisors,” said Adam Falk, co-portfolio manager at BH3 Fund Advisors. “We’re pleased to have partnered with Namdar Group, Affinius Capital, and Walker & Dunlop to capitalize this significant addition to the neighborhood.”
The transaction continues Walker & Dunlop’s partnership with Namdar Group in Jersey City’s Journal Square neighborhood. In September 2025, Walker & Dunlop arranged a $220,000,000 refinancing for 626 Newark Avenue, a 576-unit, Class A mixed-use multifamily property, followed by $180,000,000 in financing for 35 Cottage Street in July 2026 to support the 27-story, 564-unit luxury multifamily development.
In 2025, Walker & Dunlop’s Capital Markets team sourced over $22 billion from non-Agency capital providers, including nearly $16 billion for multifamily properties. This vast experience has made them a top advisor on all asset classes for many of the industry’s top developers, owners, and operators. To learn more about Walker & Dunlop’s broad financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
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