Listen to this article

A newly built, 19-story multifamily property in Jersey City has secured a senior bridge loan while the sponsor, Titanium Realty Group LLC, leases the property.

Lightstone Capital, the real estate debt platform of Lightstone, announced July 20 it closed on the $42.5 million in funding for the 148-unit, 125,000-square-foot living option located at 413 Summit Ave. in the Journal Square neighborhood.

The loan was arranged by Daniel Cohen and Tax Savariego of Meridian Capital Group.

“We were very familiar with this submarket, having provided a bridge loan to the Namdar Group in July 2020 to refinance their 15-story mixed-use building MRK, also in Journal Square,” Eugene Rozovsky, senior managing director of Lightstone Capital, said in a statement. “This allowed us to move very quickly in a highly competitive capital market process to provide an attractive financing solution to a strong sponsor with a top-notch product.

“Titanium Realty Group is an experienced developer with a proven track record, and we are looking forward to working together on more projects in the future,” he added.

Based in New York City, Titanium Realty Group is a privately held, fully integrated owner, operator and developer of commercial and residential real estate with a focus on Transit Oriented Development in the local metropolitan area. The Journal Square property, with nearby access to PATH train service and buses, fits that bill.

The residence mix at 413 Summit Ave. is set to include 80 studios, 46 one-bedroom, 19 two-bedroom and three three-bedroom units in addition to 4,500 square feet of ground-level retail space, amenities and parking.

According to its website, Titanium has seven Jersey City projects in addition to 413 Summit Ave., either under construction or in planning, representing more than 800 units of housing, including a 26-story, 386-unit effort with retail, parking and amenities set for nearby 425 Summit Ave.

In a statement, Titanium principal Diego Hodara commended Lightstone Capital’s handling of the transaction.

“Lightstone Capital’s team executed the transaction in a very fast, efficient, and communicative manner,” Hodara said. “From signing the term sheet to closing, the process was smooth and professional. We look forward to the opportunity to work together again.”

Lightstone Capital provides sponsors with flexible, creative, and immediate financing solutions. According to the company, loans range in size from $5 million up to $150 million and are secured by real estate assets located in gateway markets.

Since it launched in December 2018, Lightstone Capital has grown rapidly, developing a significant portfolio throughout the East Coast. The platform has positioned itself as a creative and reliable capital resource with over $1.2 billion in recent transactions. Lightstone Capital focuses primarily on senior bridge loans as well as mezzanine loans, and preferred equity investments throughout the top 50 MSA’s in the United States.