Two announcements went out about the same Jersey City tower this week, and the dollar figures don't match.

Walker & Dunlop said it arranged $390 million in construction financing for Park Tower at Journal Square in Jersey City — the figure ran on Yahoo Finance on September 2 and again on ROI-NJ on September 4, both citing the brokerage's own release. Two days before that, citybiz reported that Affinius Capital originated a $310 million construction loan for the same building, sourced to Affinius's own announcement.

Nobody here is necessarily wrong. The $310 million from Affinius reads like the senior loan — the piece of the stack that gets recorded and fought over first if the job goes sideways. The other roughly $80 million is most likely mezzanine debt or preferred equity that Walker & Dunlop also lined up and folded into its own, bigger number. Two lenders, two press shops, two ways of describing one deal. Don't quote either figure as the whole story without checking which piece of the stack it's describing.

None of the coverage we reviewed names the developer building Park Tower, the general contractor, the unit count, or a construction schedule. If you're chasing trade work here, the next document to pull isn't either lender's press release — it's the Jersey City building permit for the Journal Square address, which will carry the GC's name once it's filed.

Here's why the split matters beyond bookkeeping: a $310 million senior loan against a $390 million total means roughly $80 million of this job is riding on debt that's junior, more expensive, and first to get squeezed if costs run over. That ratio is exactly what a bonding company or a sub's credit department checks before deciding whether a GC on this job pays on schedule. A tower carrying a heavy mezz piece behaves differently on-site than one financed almost entirely with senior debt — draws move slower, change orders get scrutinized harder.

No M/WBE goal or subcontracting program is mentioned in either lender's announcement.

Nothing in this reporting puts a shovel in the ground yet. Watch the Jersey City DOB permit record for the Journal Square site, and watch for whichever contractor's name lands on it first — that's when the trade bids actually open.