Sequoia Development Group and Bushburg Properties receive $59m loan to complete multifamily development in Jersey City
Sequoia Development Group and Bushburg Properties announced that it has received a $59 million bridge loan to enable the final stages of construction at 711 Montgomery Street in Jersey City’s McGinley Square neighborhood. Slate Property Group in partnership with McCourt Partners provided the loan.
Sequoia and Bushburg, the project’s developer, will utilize the funds to facilitate the completion of construction, lease-up and stabilization of the 16-story, 285-unit multifamily asset. The two-year, floating-rate loan was arranged by SPR Group and is being deployed mid-construction. The project is set to be completed in the first quarter of 2024.
711 Montgomery Street will feature a mix of apartments ranging from studios to three-bedrooms as well as a host of communal amenities, including bike storage, a dog run, fitness center, co-working lounge, conference room, indoor/outdoor rooftop deck and lounge. The project also includes 116 parking spaces and provides 5,109 s