A development at 622 Summit Ave. in Jersey City is slated to bring 209 luxury apartments to the city’s Journal Square section. — Courtesy: Northwind Group
By Joshua Burd
A developer has landed a $70 million construction loan to complete a new 209-unit apartment tower in Jersey City’s resurgent Journal Square section.
According to Northwind Group, the lender, the project at 622 Summit Ave. will add to the growing stock of luxury rentals near the Journal Square PATH station, featuring floorplans ranging from studios to three-bedrooms and a series of amenities. The Manhattan-based real estate private equity firm provided the first mortgage loan to GN Management, noting that the development team, led by Onkar Singh, has completed 16 prior projects in Jersey City.
“We are pleased to announce the closing of this loan in Journal Square and to provide capital to this exciting project with Mr. Singh and his team,” said Ran Eliasaf, founder and managing partner of Northwind Group. “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.
“Northwind continues to be very active in providing loans with a focus on residential properties, 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.”
The firm also provided the latest loan through a closed-end debt funds.
“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. We appreciated their support and collaboration which are essential to our shared success.”
The Signature Capital Associates team led by Mohammad Hadla arranged the financing.
“The best way to describe Northwind Group is a well-oiled machine,” Hadla said. “Every division of their company is on point, extremely thorough and responsibly proactive. For what was at stake, timing for my client was extremely important. Northwind Group delivered in such pleasant fashion. Along with my business partner, Ana Rodriguez, we are proud to have arranged the funding. We are excited for our client Mr. Singh and his team.”
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Author: Joshua Burd