Namdar's $390M Park Tower loan splits senior and mezz risk

Namdar Group has secured a $390 million construction package for Park Tower, a 47-story tower five minutes from the Journal Square PATH station, with a debt stack that carries no amortization cushion: a floating-rate, interest-only senior construction loan from Affinius Capital paired with a floating-rate, interest-only mezzanine loan from BH3 Fund Advisors, arranged by Walker & Dunlop's Capital Markets Institutional Advisory group, according to Connect CRE.

The half-million-square-foot property is scheduled for completion by May 2029 and will hold 1,049 residences, 944 of them market-rate and 105 affordable, along with 30 extended-stay hotel units and ground-floor retail. Namdar, a privately owned developer in Great Neck, N.Y., counts more than 10,000 residential units in approval or development on its website.

Walker & Dunlop has worked this corner with Namdar before, refinancing 626 Newark Ave., a 576-unit property, with $220 million in September 2025, and then securing $180 million for the 564-unit 35 Cottage St. this July. Park Tower's assignment is bigger than either and arrives as new construction rather than a refinancing; at $390 million, the debt alone lands at nearly $372,000 per residence.

That per-door figure is why the structure matters: both tranches are floating-rate and interest-only, exposing borrower and lenders to rate moves with no amortization cushion, and Affinius's participation continues a shift from equity into debt that PWD tracked in late August, when the lender sold a 545-unit Northern California senior housing portfolio days after funding $177.25 million of New York apartment loans. Construction lending is a further step up that risk spectrum, since the collateral does not exist yet and underwriting must lean on lease-up rather than current income.

A private developer with a 10,000-unit pipeline has found two lenders willing to write floating-rate, interest-only construction debt backed by a location with repeat financing history. Park Tower is therefore a bet on execution and transit-oriented location, not on existing cash flow; the mezzanine spread, when terms surface, will be the sharpest number in the file.