Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager announce that through its closed-end debt funds it provided a $70 million first-mortgage loan, funding the completion of 622 Summit Avenue, a 29-story 209-unit multifamily residential property located in Journal Square, New Jersey, just 5-minutes from the PATH train station.
The developer for 622 Summit Avenue is GN Management led by Onkar Singh, who has extensive experience developing real estate properties and has successfully completed 16 prior projects in Jersey City.
“Northwind Groups’ 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,” said Arvinder Minhas, President of GN Management.
Northwind Group provided the construction loan with flexible terms, providing the Sponsor with the capital and time needed to complete construction and lease the property. The loan demonstrates Northwind’s continued commitment to providing flexible financing solutions to residential properties in the NYC metro area and expanding relationships with high quality Sponsors.
“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 NYC 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, since the beginning of 2024 we have already committed over $300 million of loans from our debt funds, which is double the volume we had last year,” said Ran Eliasaf, founder and managing partner of Northwind Group.
The financing was arranged by the 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 & his team,” said Mohammad Hadla.
