$84 Million Construction Loan and $36 Million of Equity for Jersey City QOZ Multi-Family Project
Kathy Anderson, Founding Partner of Progress Capital arranged an $84,000,000 construction loan plus $36,000,000 of equity for the development of THE ELEMENT, a 6-story apartment building located at 400 Claremont Avenue in Jersey City, NJ.
The Element will consist of 631 units, 277 of which will be under 500 SF. Call them what you will — small studios or “micro-units”, there is a demand (mainly amongst millennials) who want to trade square footage for a convenient location with an abundance of amenities. The Element is steps away from the West Side Light Rail Train Stop and will provide two private shuttles to the PATH. With over 70,000 SF of amenities, tenants will have access to a full-size heated pool, game room, yoga studio, fitness center, children’s playroom, rooftop terrace with barbecue grills, fire pits, outdoor bar and a dog walk. The Element will also house 15,500 SF of retail space and 279 covered parking spaces.
Jersey City is known to be one of the most culturally diverse cities in America. It has undergone exponential growth and is no longer considered an alternative to NYC, rather has become a destination in its own right. As an added bonus, The Element is located in a Qualified Opportunity Zone providing the investors with significant tax benefits. This is one of the first large development projects to break ground in an Opportunity Zone along New Jersey’s Gold Coast.
Progress Capital is a commercial real estate advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. Since 1990, we consistently get our clients to the closing table… plain and simple!