Walker & Dunlop Secures $390M Construction Financing for Jersey City Mixed-Use Tower
Event summary
- Walker & Dunlop arranged $390M in construction financing for Park Tower, a 47-story mixed-use development in Jersey City’s Journal Square.
- The project includes 1,049 residential units (944 market-rate, 105 affordable) and 30 extended-stay hotel units, with completion expected by May 31, 2029.
- The financing consists of a senior construction loan from Affinius Capital and a mezzanine loan from BH3 Fund Advisors.
- This deal follows Walker & Dunlop’s recent $220M refinancing for 626 Newark Avenue and $180M financing for 35 Cottage Street in Jersey City.
The big picture
This transaction underscores the continued institutional demand for transit-oriented multifamily developments in high-growth urban hubs like Jersey City. Walker & Dunlop’s role as advisor reflects its dominance in securing non-Agency capital for large-scale projects, a trend likely to persist as developers seek flexible financing structures. The $390M deal also highlights the strategic importance of mixed-use developments in attracting diverse investor interest.
What we're watching
- Market Demand
- Whether Jersey City’s affordability and transit access will sustain demand for high-density residential projects.
- Execution Risk
- The pace at which Park Tower progresses toward completion amid potential construction delays or cost overruns.
- Capital Allocation
- How Walker & Dunlop leverages its institutional advisory expertise in future large-scale multifamily financings.
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