(Editor’s Note: This story has been updated with new information from JBA Equities, which arranged financing for Skyline Development Group)
A rendering of a 70-unit condominium project at 8701 Churchill Road in North Bergen — Courtesy: Skyline Development Group
By Joshua Burd
A longtime Hudson County development executive has formed a new venture, with plans to break ground in the coming weeks on a 70-unit condominium project in North Bergen.
Lou Mont, the developer, on Monday announced the formation of Skyline Development Group LLC. He said the firm will seek to leverage his 40 years of experience in urban construction and operations and relationships with prominent financial institutions, development partners and municipal and state agencies to acquire, develop and manage multifamily properties.
Mont added that the company will focus its efforts on mixed-use and high-rise development opportunities in key New Jersey Gold Coast cities. To that end, Skyline Development has launched with the acquisition of a fully approved, 14-story project that will deliver 70 boutique condos to 8701 Churchill Road in North Bergen.
“It’s no secret Hudson County has become a hotbed of residential development and a sought-after location for both New York metro area buyers and renters,” said Mont, who serves as the company’s CEO. “I’m thrilled to be able to create a fresh new company that’s uniquely positioned and staffed to tap into this flourishing market.
“We’ve compiled a talented and seasoned leadership group, whose skills extend well beyond development,” Mont added. “Our professionals not only have an in-depth knowledge of the Gold Coast real estate stretching from Jersey City, north, but also a firm understanding of the needs of these waterfront communities and their residents.
“Their experience, relationships, and impeccable reputations have allowed us to announce Skyline Development Group with a high-end building which is ready to go and others in the works.”
The firm has secured $55.5 million in financing for the North Bergen project from Mosaic Real Estate Investors, which maintains offices in Calabasas, California and New York City. Jonathan Aghravi of New York City-based JBA Equities served as broker for the transaction.
Aghravi originated the construction loan and represented Skyline alongside Eli Terry and Charles Han. JBA also arranged acquisition financing for the developer’s $10.2 million purchase of the site in February.
“We are thrilled to have had the opportunity to work on the financing of this project,” Aghravi said. “Mosaic is comprised of true professionals and all parties worked creatively and diligently to close this transaction. We’re excited to see the success of this project which will provide residents with luxury finishes and amenities that set this project apart from its competitors.”
Construction is slated to begin in September for the yet-to-be-named development located just off River Road, according to a news release. Mont also noted that the property will differ from the larger for-sale waterfront buildings in Edgewater and Weehawken by providing a more intimate and personalized living environment, with floor-to-ceiling windows and balconies in every unit that offer views of the Hudson River and the New York City skyline.
Meantime, plans call for amenities such as a spa with a fitness center, steam, sauna, cold plunge, hot tub and carbon tank, along with shower and locker facilities.
“Our goal is to provide not only a beautifully appointed luxury home, but also a lifestyle opportunity not commonly found in other Gold Coast buildings,” Mont added.
Mont and his team at Skyline Development Group have deep experience in Hoboken and Jersey City. Along with the North Bergen project, the firm has already secured property rights to develop a 350-unit project in Jersey City’s up-and-coming Bergen Lafayette neighborhood and anticipates additional projects to follow.