Another developer is going vertical in Jersey City.
Onkar Singh’s GN Management scored a $70 million construction loan from Northwind Group for a 29-story, 209-unit rental building in Journal Square. The financing will be used to complete the project at 622 Summit Avenue, which is an 11-minute walk from the Journal Square PATH train station.
The building’s unusual design has balconies on ascending floors. The top floors appear to mimic The Edge observation deck in Hudson Yards, providing a sharp contrast to the neighboring high rises in the area. It will have a mix of units, from studios to three bedrooms.
Signature Capital Associates’ Mohammad Hadla brokered the financing.
GN is an active builder in booming Jersey City and has built 16 projects in the city. Ran Eliasaf’s Northwind has also become a go-to lender across the tri-state as some banks have backed away from financing real estate. Northwind has provided $1.1 billion across the U.S. during the past year.
Developers are flocking to Jersey City. Late last year, Tishman Speyer nabbed a $300 million construction loan for massive development at 55 and 50 Hudson Street, which includes 58-story and 48-story buildings and about 1,900 apartments.
Last summer, Panepinto Properties snagged a $193 million construction loan for a 53-story, 605-unit luxury development in Jersey City. Kushner Companies is building 1,723 units at One Journal Square, with its first tower scheduled to top out in April.
In June, Brookfield Properties and G&S Investors borrowed $420 million to construct a project at 420 Marin Boulevard. The 60-story development will include 802 market-rate units and retail space. Union Labor Life Insurance led the financing.