JERSEY CITY, N.J. — Slate Property Group and McCourt Partners have provided a $59 million bridge loan for a 285-unit multifamily project in the McGinley Square area of Jersey City. The borrower, a partnership between Sequoia Development Group and Bushburg Properties, will use the proceeds to complete construction, lease-up and stabilization of the 16-story building. Units will come in studio, one-, two- and three-bedroom floor plans. Amenities will include a dog run, fitness center, coworking lounge, conference room and an indoor/outdoor rooftop deck, as well as 5,109 square feet of commercial space. Sam Rottenberg of SPR Group arranged the two-year, floating-rate loan on behalf of the developers. Full completion is slated for the first quarter of 2024.
Roughly 18 percent (52) of the units at 711 Montgomery St. in Jersey City will be set aside for individuals and families earning between 80 percent and 120 percent of area median income.(image courtesy of Marchetto Higgins Stieve Architects)
Slate Property Group, McCourt Partners Provide $59M Bridge Loan for Jersey City Multifamily Project
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