Northwind Group Provides a $70 Million First Mortgage Construction Completion Loan on a 29-story 209 Unit Multifamily Residential Property at 622 Summit Avenue in Journal Square, NJ

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Feb 01, 2024, 09:00 ET

NEW YORK, Feb. 1, 2024 /PRNewswire/ -- Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager announced today 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, NJ, just 5-minutes from the PATH train station. Upon completion, the property will feature a mix of studio to three-bedroom units along with a robust luxury amenity offering including unobstructed views of the Manhattan skyline. The developer 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.

For more information, email Northwind Group at [email protected].

Media Contact: [email protected]

Northwind was represented by John Vavas of Polsinelli Law Firm.

About Northwind Group
Northwind Group, founded in 2008 by Ran Eliasaf, is a Manhattan based real estate private equity firm with $3 billion in AUM that invests primarily in debt instruments through its discretionary closed-ended debt funds. For further information, go to www.northwind-group.com.

About the Sponsor
Onkar Singh is an accomplished entrepreneur and real estate developer who founded GN Management, specializing in the development and management of residential and commercial properties, with a dedicated commitment to enhancing the Jersey City community. GN Management has successfully executed 16 projects within Jersey City, currently possesses 7 holdings, and has 11 ongoing developments slated for completion in the upcoming years.

SOURCE Northwind Group