The 413 Summit Condos community in New Jersey, which topped out in June 2022 is now almost complete. Recently Titanium Realty Group secured a $42.5 million senior bridge loan from Lightstone Capital for the project. However, it was Daniel Cohen and Tal Savariego of Meridian Capital Group, who arranged the loan for the developer.
Diego Hodara, a principal at Titanium commended Lightstone Capital’s team for their swift and professional execution of the transaction loan. He said securing the loan for 413 Summit Condos was a smooth process from signing the term sheet to the closing. Therefore, Hodara said his company was looking forward to working with Lightstone Capital on future projects.
Titanium Realty expects to start leasing the 413 Summit Condos property situated at 413 Summit Avenue in about 30 days. The project’s location will offer easy commutes via the PATH train service. Therefore, residents will have easy access to Manhattan and Newark and connections, linking to New York City’s subway.
Number of units at the 413 Summit Condos community
413 Summit Condos is a 19 story building, spanning 125,000 square feet and it offers 148 units. The property features a mix of studio, one, two and three bedroom apartments with an abundance of amenities. Future residents can choose between 80 studios, 46 one bedrooms, 19 two bedrooms and 3 three bedroom units. In addition, the developer also included 4,500 square feet of retail space on the ground floor as well.
Residents at the 413 Summit Condos property will also enjoy amenities such as a resident lounge, rooftop terrace and gym. Furthermore, the property provides spaces for laundry facilities, a business area, parking spots and a storage area which can be leased.
413 Summit Condos is not Titanium’s only project in the region. The group, whose focus is on transit oriented development within the local metropolitan area, also has seven Jersey City projects. However, some of these projects are in their planning stage, while others are already ongoing. A nearby 26-story 425 Summit Ave is currently under development and it will have 386 units in total. Additionally, the developer is also building 345 Baldwin, a 13-story community with 116 units.