Titanium Realty Group has landed a senior bridge loan for a Jersey City community that is set to start leasing. Meridian Capital Group’s Daniel Cohen and Tal Savariego arranged the $42.5 million loan, which was provided by Lightstone Capital.
The project, 413 Summit Condos, is still under construction. The building topped out in June 2022. Lightstone Capital’s loan is expected to provide the developer with a bridge to leasing, which is slated to begin in the next 30 days.
The 19-story community totals 125,000 square feet with 148 units. The property offers studio, one-, two- and three-bedroom apartments. The community’s amenities include a laundry room, resident lounge, gym, business center, rooftop terrace, leasable storage space and parking. The developer has also constructed 4,500 square feet of retail space on the ground floor.
PATH train service, offering lines to Manhattan and Newark and connections to the New York City subway, is available nearby.
Join the Journal Square boom
As a developer focused on transit-oriented development in the New York metro area, Titanium Realty has other ongoing projects in the Journal Square market. The developer is currently developing the nearby 425 Summit Ave., which will total 386 units in a 26-story building, and 345 Baldwin, a 13-story community with 116 units.
Eugene Rozovsky, senior managing director at Lightstone Capital, said in prepared remarks that the lender was familiar with the Journal Square neighborhood, as it provided a $42.7 million bridge loan to Namdar Group in July 2020 to refinance its 15-story mixed-use building in the area. More recently, Namdar Group landed a $160 million loan for its 432-unit luxury community in Journal Square that was completed earlier this year.
