Kriss Capital Secures $36M Construction Loan For Journal Square Multifamily

This closed transaction involves a multifamily property located at 413 Summit Avenue in Journal Square, Jersey City. The property is situated in a bustling market and offers excellent investment potential.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $36,000,000
• Address: 413 Summit Avenue, Journal Square, Jersey City

Jody Kriss and Mark Luehring-Jones from Kriss Capital served as the lenders for this transaction, providing a construction loan for a ground-up multifamily development in the Journal Square neighborhood. Diego Hodara, representing Titanium Realty Group, acted as the landlord in the deal. Tal Savariego and Daniel Cohen, from Meridian Capital Group, were the brokers facilitating the transaction.

This loan will support the construction of the multifamily property, which closed prior to the execution of the Guaranteed Maximum Price (GMP) agreement and the receipt of full building permits. Upon completion, the loan features a rate stepdown.

For more information about this transaction, contact Mark Luehring-Jones at [email protected].