Plans for 711 Montgomery St. in Jersey City call for a 285-unity luxury apartment tower rising 16 stories. — Rendering by MHS Architecture/Courtesy: Slate Property Group
By Joshua Burd
A joint venture has secured a $59 million bridge loan for the final stages of a 16-story, 285-unit multifamily development in Jersey City’s McGinley Square neighborhood.
The lenders, Slate Property Group and McCourt Partners, say the borrowers will use the debt to complete construction, lease-up and stabilization of the project at 711 Montgomery St. They are deploying the two-year, floating-ran loan mid-construction, with plans calling for Sequoia Development Group and Bushburg Properties to complete the project in early 2024.
Sam Rottenberg of SPR Group arranged the financing.
“Our experience and comfort with the Jersey City market gave us the confidence to step in when the development team needed to replace its existing lender at this late stage in the project,” said Martin Nussbaum, co-founder and principal at Slate Property Group. “The Slate team is excited to partner with McCourt Partners on this loan and are looking forward to a long-lasting relationship.”
Designed by MHS Architecture, 711 Montgomery will have a mix of apartments ranging from studio to three-bedroom units and amenities such as bike storage, a dog run, a fitness center, a co-working lounge and indoor and outdoor rooftop deck and lounge, according to a news release. The project also includes 116 parking spaces and 5,109 square feet of street-level commercial space in a growing retail corridor at the nexus of Bergen Avenue and Montgomery Street, where residents and shoppers are a 15-minute walk from the Journal Square PATH station.
Slate also noted that 52 units will be set aside for individuals and families earning between 80 and 120 percent of the area median income.
The deal comes days after Slate announced that it had originated a $160 million bridge loan for a separate project in the city, to Namdar Group, for a 432-unit apartment tower at 618 Pavonia Ave. It also marks Slate’s fifth loan in Jersey City and its first with McCourt Partners.
“We’re excited to launch our partnership with Slate Property Group with the 711 Montgomery Street bridge loan as our first investment,” said Jordan K. Lang, president of McCourt Partners. “Our extensive in-house development expertise puts us in a unique position to pursue special situation financing for projects throughout the construction process. We look forward to working closely with Slate Property Group to support multifamily developers and operators seeking unique capital solutions in the New York City metro area.”
Slate Property Group closes $160 million bridge loan for 432-unit Journal Square rental tower
