Sequoia Development Group & Bushburg Properties Secure $59M Bridge Loan For 711 Montgomery Street Multifamily Project In Jersey City

The 711 Montgomery Street project in Jersey City is receiving a $59 million bridge loan to complete construction. The project, a 16-story multifamily asset with 285 units, is set to be finished in Q1 2024. It will offer a variety of apartments, communal amenities, and commercial space. The property is located at 711 Montgomery Street in the Jersey City market.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $59,000,000
• Units: 285
• Lender: Slate Property Group - Martin Nussbaum; McCourt Partners - Jordan Lang
• Landlord: Sequoia Development Group & Bushburg Properties
• Broker: Sam Rottenberg - SPR Group
• Loan Type: Bridge Loan
• Loan Terms: 2-year, floating rate

The bridge loan for the 711 Montgomery Street project is being provided by Slate Property Group and McCourt Partners. Sequoia Development Group and Bushburg Properties are the landlords for the property. Sam Rottenberg, representative of SPR Group, worked as the broker for the deal.