Making History on ‘The Hill’: Progress Capital Arranges $30M in Financing for Largest Development in Bergen Hill
Brief History…In 2017, Brad Domenico of Progress Capital arranged an acquisition loan for New York-based Monticello Equities to purchase the property located at 136 Summit Avenue in Jersey City. A final farewell to the vacant Fairmount Hospital building that once occupied the premises, was followed by a complete demolition of the site to accommodate a newly constructed nine-story, 159,861 SF mixed-use building. However, once bedrock was uncovered within the foundation, construction was delayed until it could be rectified.
Making History…Brad worked with Leumi Bank and secured a $30,000,000 Commercial Construction Loan, allowing the borrower to complete the construction project, as well as recapture equity. Upon completion, the property will be deemed the largest development south of Montgomery Street in Bergen Hill.
The mixed-use property will feature 99 luxury apartments, along with 2,240 SF of ground level retail space and a 75-space parking garage. Amenities include modern lobby with 24-hour concierge, state of the art security system, fully equipped fitness center with showers, residential lounge with conference room, outdoor sky garden & patio areas and storage units for residents. Additionally, the site is located just a mile away from the Journal Square shopping centers and subway station, serviced by the PATH trains.
As a leading commercial mortgage broker in New Jersey, Progress Capital has closed over $40 Billion in commercial loans and $150 Million in directly funded bridge loans. We can advise you on any real estate investment you are considering and provide the financing advice you need to manage through the commercial real estate acquisition and/or financing process. We consistently get our clients to the closing table… plain and simple!