Parkview Financial, an alternative investment firm specializing in U.S. commercial real estate credit, has closed a $55 million construction loan for a new 285-unit high-rise multifamily development located at 711 Montgomery Street in Jersey City, New Jersey. The building will feature 228 market-rate apartments and 57 affordable units, including moderate-income and workforce housing. The development will also include a three-tier automated parking garage with 116 spaces and 5,334 square feet of ground-floor commercial space. Planned amenities include bike storage, an outdoor plaza, event space, lounge areas, two roof decks, a dog run, and an on-site fitness center.
 

The property is situated on a 41,077-square-foot parcel in the McGinley Square East Redevelopment zoning district, a neighborhood that has experienced significant redevelopment in recent years. The project is subject to a 99-year ground lease with Montgomery Street Partners, who are contributing approximately $41.5 million toward the project, including land acquisition, vertical construction, and reserves covering the first three years of lease payments. Parkview’s collateral is secured by the leasehold interest, with financing aligned alongside sponsor equity to ensure a well-capitalized development.
 

Construction is expected to commence immediately following closing, with completion targeted for late 2025, delivering high-quality, amenity-rich housing in a growing Jersey City submarket