Northwind Group provided a $70 million loan for 622 Summit Ave., a 29-story, 209-unit multifamily residential property located in Jersey City’s Journal Square, according to a Wednesday announcement from developer Onkar Singh, who operates through his real estate company, GN Management.
Upon completion, the property will feature a mix of studio to three-bedroom units along with a luxury amenity offerings and unobstructed views of the Manhattan skyline.
“Northwind Group’s unwavering commitment to excellence has been demonstrated as they worked diligently to provide a critical loan at a pivotal moment. 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,” Arvinder Minhas, president of GN Management, said.
Northwind Group provided the construction loan with flexible terms, providing the sponsor with the capital and time to complete construction and lease the project.
“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. The New York City 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; last 12 months alone, we have deployed over $1 billion in loans through our debt funds,” Ran Eliasaf, founder and managing partner of Northwind Group, said.
The financing was arranged by a Signature Capital Associates team led by Mohammad Hadla.
“The best way to describe Northwind Group is a well-oiled machine. 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,” Hadla said.