By Joshua Burd
A developer is set to break ground on 300 luxury apartments in Jersey City after securing a $95 million construction loan for the project, in a transaction arranged by The Carlton Group.
According to the advisory team, Parkview Financial and Montgomery Street Partners provided the financing to Sequoia Development Group. Plans for the site, located at 711 Montgomery St., include a pool, a fitness center, lounge and event space and two roof decks.
The Carlton Group CEO Michael Campbell and Managing Director Kyle Morque sourced the loan for the development, which is part of the city’s growing McGinley Square neighborhood. Marchetto Higgins Stieve Architects is the project’s design team.
“This was a very complex transaction with many moving parts. I want to congratulate everyone involved,” Morque said. “This will be a great project for Jersey City.”
Sequoia is a Brooklyn-based developer and part of a growing list of out-of-state firms to build in Jersey City. Its project will be among the largest in McGinley Square, a historic neighborhood that is home to St. Peter’s University, as new development continues to spread beyond the city’s waterfront and central business district.
McGinley Square is located west of downtown Jersey City and south of Journal Square, the longtime commercial hub and home of the state’s second-busiest PATH station. It’s also not far from another Sequoia project, a 267-unit residential property at 55 Jordan Ave.