Slate Property and McCourt Partners have provided a $59m (€54.2m) loan to help complete a US apartment project being developed by Sequoia Development and Bushburg Properties.

Slate said the bridge financing has been issued to help with the final stage of construction and lease-up of the 16-storey, 285-unit apartment building at 711 Montgomery Street in Jersey City’s McGinley Square neighbourhood.

The project is set to be completed in the first quarter of 2024.

Martin Nussbaum, co-founder and principal at Slate Property, said: “Our experience and comfort with the Jersey City market gave us the confidence to step in when the development team needed to replace its existing lender at this late stage in the project.”

The 711 Montgomery Street transaction is Slate’s fifth loan in Jersey City, including, most recently, a $160m bridge loan for 618 Pavonia Avenue. The deal also marks Slate’s first collaboration with McCourt Partners.

Jordan K Lang, president of McCourt Partners, said: “We’re excited to launch our partnership with Slate Property Group with the 711 Montgomery Street bridge loan as our first investment. Our extensive in-house development expertise puts us in a unique position to pursue special situation financing for projects throughout the construction process.”

To read the latest edition of the latest IPE Real Assets magazine click here.