Updated Dec 4, 2024
Onkar Singh's GN Management Secures $70M Construction Loan For Jersey City Development Site With Ran Eliasaf's Northwind Group
622 Summit Avenue
$70,000,000
Units
209
Asset Type
Development Site
Closing
Feb 1, 2024
About this deal
AI
GN Management, led by Onkar Singh, secured a $70 million construction loan from Northwind Group for a 29-story, 209-unit rental building in Jersey City's Journal Square at 622 Summit Avenue. The project, located just an 11-minute walk from the PATH train station, features an innovative design with balconies on ascending floors resembling The Edge observation deck.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $70,000,000
- Lender: Ran Eliasaf - Northwind Group
- Landlord: Onkar Singh - GN Management
- Broker: Mohammad Hadla - Signature Capital Associates
In facilitating the financing for GN, Mohammad Hadla of Signature Capital Associates showcased Northwind Group's prominence as a lender amid increasing developer activity in Jersey City.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93