A project that is looking to add to the Journal Square skyline while creating a new link to a planned Jersey City park has obtained a large mortgage loan as construction moves forward.
Northwind Group, a Manhattan-based real estate private equity firm, have announced that it provided a $70 million loan through its closed-end debt funds to 622 Summit Avenue, a 29-story 209-unit multifamily residential property known as Singh Tower. The project is being spearheaded by GN Management, who have successfully completed 16 prior projects in Jersey City.
The future Singh Tower began to properly rise last fall. Designed by Hoboken-based MVMK Architecture, the modern-looking project will top out at 285 feet when completed.
“Northwind Group’s unwavering commitment to excellence has been demonstrated as they worked diligently to provide a critical loan at a pivotal moment,” said Arvinder Minhas, President of GN Management. “Their professionalism and dedication played a crucial role in overcoming challenges and achieving success.”
Other notable details at Singh Tower include 1,372 square feet of ground-floor retail space along Summit Avenue, as well as 16,000 square feet of office space. Exterior balconies on the project will begin at floor nine, projecting and rotating as they ascend on the building.
The rooftop at Singh Tower will sport an outdoor amenity space along with a resident fitness center and lounge. But the project hopes to also spur some change beneath the surface as there will be a public park at the rear of the building with opportunities for seating overlooking the Bergen Arches.
Northwind Group provided the construction loan with flexible terms, providing the sponsor with the capital and time needed to complete construction and lease the property.
“The NYC metro area, including Jersey City, is in dire need of additional residential units as current supply levels are very low and demand has increased dramatically,” said Ran Eliasaf, founder and managing partner of Northwind Group.
“Since the beginning of 2024, we have already committed over $300 million of loans from our debt funds, which is double the volume we had last year,” he added.
The financing was arranged by the Signature Capital Associates team led by Mohammad Hadla. GN Management is aiming to complete construction of Singh Tower and add to Journal Square’s skyline sometime during 2025.
