GN Management has obtained a $70 million first mortgage loan to complete 622 Summit Ave. in Journal Square, N.J. The 29-story, 209-unit property is located only five minutes from the PATH train station, with service into Manhattan. Real estate private equity firm and debt fund manager Northwind Group provided the financing.
Timing, as well as overseeing all the elements involved in the transaction, presented major obstacles to arranging the financing, Ran Eliasaf, founder and managing partner of Northwind Group told Multi-Housing News. “Underwriting a project that was mid-construction, understanding the cost, verifying the cost and making sure everything tied up with the general contractor and subcontractors” were the biggest hurdles.
The property will feature an assortment of studio to three-bedroom apartments. Features and finishes of the apartments include private balconies and patios in select residences. The property’s robust luxury amenity package includes a fitness center.
Set on a site measuring approximately 0.4 acres, the 27-story property will include 16,000 square feet of office space and 1,372 square feet of retail space. Construction is scheduled to be completed in August 2025. The financing was arranged by a Signature Capital Associates team which was led by Mohammad Hadia.
Centrally located
Journal Square is a community about two miles from downtown Jersey City, and within 10 miles of Manhattan. The neighborhood features a large supply of apartments in pre-war buildings, as well as walk-ups and private houses. Hudson County Community College and New Jersey City University are both several minutes away. Transit options include both subway and commuter rail. Shopping centers Old Colony Square Center, Newport Centre and Metro Plaza at Jersey City are less than two miles away, while nearby parks include Laurel Hill Park and Liberty Landing Marina.
Last month Namdar Group obtained $243 million in financing for a Jersey City project.
