Slate Property Group and McCourt Partners have provided Sequoia Development Group and Bushburg Properties with a $59 million bridge loan to facilitate the completion, lease-up, and stabilization of a 16-story multifamily asset in Jersey City’s McGinley Square neighborhood. The 285-unit project is set to be completed in the first quarter of 2024.
This marks Slate’s fifth loan investment in Jersey City as well as their first collaboration with McCourt Partners. The post will feature apartments, communal amenities, and commercial space at street level.
The financing for this multifamily development provides an opportunity for investors to capitalize on one of New Jersey’s most rapidly growing markets while also supporting economic growth within its communities through job creation during construction phases as well as permanent jobs once it is complete.
