The building, called Park Tower, will rise approximately 502 feet in the Journal Square neighborhood, providing residents with quick train access to Manhattan. Affinius Capital supplied the loan after Jersey City officials approved the development in June.
Plans include 105 affordable apartments, 26 hotel rooms and street-level stores. The project will also restore part of a historic Newark Avenue building and replace a small dead-end street with a new pedestrian plaza.
Residents will have access to a fitness center, yoga studio, bowling alley, arcade, music room, golf simulator, game room and rooftop lounge overlooking the New York City skyline.
Namdar Group is already one of Journal Square’s most active developers. The company recently completed a separate 564-apartment tower nearby and previously secured $335 million for three Jersey City properties containing 833 apartments. This new $310 million loan gives Namdar the money needed to begin turning its biggest approved Jersey City plan into reality.