Mixed-Use Development Project Inks Construction Financing
Construction underway at the corner of Storms and Monticello Avenue in the McGinley Square neighborhood of Jersey City. As Brad Domenico and Frank Stanislaski of Progress Capital secured a $10,100,000 construction loan on behalf of a valued client, who will use the loan proceeds to refinance the existing site located at 99 Storms Ave., Jersey City, as well as finance the new construction of a 6-story multi-use building to be built on the premises.
LOAN DETAILS – Valley National Bank provided the construction loan accompanied by favorable terms during the construction period, along with the option to upsize the loan, upon stabilization.
CONSTRUCTION PLANS – The principal’s construction project includes the development of a six-story building containing (50) residential apartments and (1) ground-level retail unit. The unit mix consists of (15) studios, (30) one-bedroom units and (5) two-bedroom units, all boasting modern finishes, stainless-steel appliances, large bay windows and many more updated features. The ground-level retail unit measuring 2,700 square feet, is slated to wrap around the front of the building.
“An influx of new developments ranging from hi-rise/mid-rise residential buildings to new restaurants and companies in the last few years has increased the city’s momentum. – says Brad Domenico, Partner at Progress Capital
“The gentrified area has quickly gained popularity as a “hotspot”, appealing mostly to young professionals.” – adds Frank Stanislaski, VP at Progress Capital
LOCATION HIGHLIGHTS – McGinley Square, one of the oldest neighborhoods in Jersey City serves as host to several art and cultural festivals that bring local art and music to the community. The locality provides a variety of amenities including unique shops, eclectic ethnic cuisine and a host of dynamic recreational parks. No car, no problem! As the area has excellent public transportation including easy access to the Grove Street Path Station and the Journal Square Path Station, making this location ideal for residents commuting into Manhattan.
ABOUT PROGRESS CAPITAL – Progress Capital is a commercial real estate mortgage 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!