Northwestern Mutual Provides $110M Perm Loan for Jersey City Multifamily Tower
By Andrew Coen August 11, 2026 1:10 pm
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A joint venture between Spitzer Enterprises and Arden Group has sealed $109.5 million of permanent financing for a newly-built multifamily tower in Jersey City, Commercial Observer can first report.
Northwestern Mutual supplied the loan to retire construction debt following the lease-up and stabilization of 2024-completed, 390-unit 425 Summit development in Jersey City’s Journal Square neighborhood.
CBRE arranged the transaction with a debt & structured finance team consisting of Matthew Pizzolato, Jason Gaccione, Jake Salkovitz, Shawn Rosenthal, Josh Stein and Carlos Silva.
“425 Summit represented a compelling opportunity to finance a recently stabilized, institutional-quality multifamily asset in one of the region’s most dynamic residential markets,” Pizzolato said in a statement. “Because of the property’s exceptional transit connectivity, quality construction, strong operating performance and experienced sponsorship, there was no shortage of interest from the lending community.”
Located at 425 Summit Avenue less than a half mile from the Journal Square Path station, the 27-story building has studio to three-bedroom apartments and is 98 percent leased, according to CBRE. The property has ground-floor retail space along with community amenities that include a fitness center, coworking lounge, golf simulator and pet spa.
Northwestern Mutual, Spitzer Enterprises and Arden Group did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
