A new tower at 711 Montgomery Street in the McGinley Square neighborhood of Jersey City has secured a bridge loan that will help usher the project through the final stages of construction.
The mixed-use development has been in the works for years, initially emerging back in 2018. Sequoia Development Group and Bushburg Properties are teaming up on the joint venture, which will rise 16 stories and include 285 residential units spanning from studios to three-bedroom spaces.
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. Sam Rottenberg of SPR Group arranged the financing for the project, which is expected to be completed in early 2024.
“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 sport amenities such as bike storage, a dog run, a fitness center, a co-working lounge, and both indoor and outdoor rooftop decks and lounges. 116 parking spaces and 5,109 square feet of street-level commercial space are included in the project, which is located about a 15-minute walk from the Journal Square PATH station.
In a rarity for a project approved in Jersey City back in 2018, 52 units at the complex will be set aside as affordable housing for individuals and families earning between 80 and 120 percent of the Area Median Income (AMI).
“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.”