Kathy Anderson Arranges Financing for Gulls Cove Phase II
Kathy Anderson of Progress Capital arranged a $68.5 Million construction loan for a valued client to begin Phase II of Gull’s Cove, a nine-story, 107 unit condominium tower. This is the final stage of the Gull’s Cove Condominium Complex located in Jersey City’s Liberty Harbor North redevelopment area across from Liberty State Park.
Progress Capital arranged the initial $81 Million loan for the construction of 331 units in Phase I. After the financial crisis, the owner decided to delay Phase II until the market timing was correct. The combination of limited inventory along the Gold Coast combined with continued low interest rates has created the perfect environment to absorb these units quickly. The Phase II construction loan is an interest only 24-month term that was placed with Procida’s 100 Mile Fund.
“We are finding that with the Basel III HVCRE rules and the tightening of construction credit especially for condominiums, often times a non-traditional bridge lender is better suited for a developer’s capital needs,” said Kathy Anderson.
With pre-sales underway, Gull’s Cove II is expected to be completed in less than two years. The project will include 1, 2 and 3 bedroom apartments, duplexes and triplexes ranging in size from 678 SF to 2,170 SF. The two buildings are adjoined by a ground-level row of retail shops. Amenities include 24/7 concierge, fitness center, community room, common outdoor patio and covered on-site parking.
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress