Walker & Dunlop, Inc. announced on September 15, 2025, that it arranged a $220 million bridge loan to refinance 626 Newark Avenue. This innovative 576-unit, Class A mixed-use multifamily property is located within Jersey City’s Journal Square neighborhood.
The Walker & Dunlop New York Capital Markets team, including 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. TYKO provided the capital for the refinancing.
The 27-story property includes 290,000 residential rentable square feet and 27,662 commercial/retail rentable square feet. It offers 576 units designed for Jersey City renters seeking premium amenities at more accessible rates than New York City.
Aaron Appel, senior managing director of New York Capital Markets, stated that the 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. Jersey City is ranked as the fifth top tech city in the U.S. in 2024, attracting tech and financial institutions.
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