Sequoia Development Group and Bushburg Properties have obtained a $59 million bridge loan to finance the final stages of construction at Jersey City’s McGinley Square Neighborhood. The development, 711 Montgomery Street, is a 16-story, 285-unit multifamily asset.
The two-year, floating-rate loan will be used to facilitate construction completion, lease-up and stabilization. The project is scheduled for completion in the first quarter of next year.
Financing nuances
“The deal at 711 Montgomery had its complexities, as we’re stepping in mid-construction to replace an existing lender in a challenging environment,” Martin Nussbaum, co-founder and principal at Slate Property Group, told Multi-Housing News. “With the combined development expertise of our team, as well as our extensive knowledge of Jersey City, we were able to understand the nuances of this financing and comfortably get it across the finish line so 711 Montgomery can be completed.”
Featuring a range of apartments, from studio units to three-bedroom offerings, 711 Montgomery Street will also offer a variety of common-area amenities, among them an indoor-outdoor rooftop deck and lounge.
The property will feature 5,109 square feet of street-level commercial space and 116 parking spaces, while 52 units will be set aside for individuals and families earning between 80 and 120 percent of Area Median Income. Sam Rottenberg of SPR Group arranged the loan.
Fifth loan
This is Slate Property Group’s first collaboration with McCourt Partners, and is Slate’s fifth loan in Jersey City, following its most recent $160 million bridge loan for 618 Pavonia Avenue.
The neighborhood offers a wide variety of dining, shopping and service businesses. Recreation opportunities include nearby Liberty Park, as well as the Jersey City waterfront. The nearby Journal Square PATH station provides rapid service to job centers in Manhattan.
