Newmark Arranges $310M Construction Loan for Jersey City Multifamily Project

JERSEY CITY, N.J. — Newmark has arranged a $310 million construction loan for an 873-unit multifamily project in Jersey City. The project represents the first of two phases in a larger development at 547-555 Summit Ave. that will ultimately add 1,542 units to the local supply. The firs building at 555 Summit Ave. will rise 47 stories and offer studio, one- and two-bedroom units, as well as 2,300 square feet of retail space. Amenities will include a fitness center, rooftop lounge, clubroom and co