Real estate financing secured for developments in Jersey City and Astoria

Major real estate financing deals have been secured for residential developments in the New York metropolitan area.

In Jersey City, Northwestern Mutual provided $109.5 million in permanent financing for 425 Summit, a 390-unit multifamily tower in the Journal Square neighborhood. The loan, arranged by CBRE, aims to retire construction debt for the 27-story building, which was completed in 2024 and is currently 98 percent leased. The project is a joint venture between Spitzer Enterprises and Arden Group.

In Astoria, Queens, Domain Companies secured $175 million in construction financing from Wells Fargo for Elara, a mixed-use project consisting of two buildings. The development will provide 429 units, including 107 affordable housing units, and 4,000 square feet of retail space. Elara West is expected to be completed in February 2028, followed by Elara East approximately seven months later.