Progress Capital Arranges $10 Million Construction Loan for Redevelopment Project in Jersey City
John Libretti has successfully secured a $10,000,000 construction loan for Matt and Mark Cimiluca’s ambitious redevelopment project on Newark Avenue in Jersey City. This transformative project will revitalize the former Sleep Cheap building, a long-vacant property despite its prominent location along the Newark Avenue Pedestrian Plaza.
The redevelopment will feature a mix of 27 residential condos available for sale, along with a ground-floor retail dispensary, adding vibrancy and modern amenities to the area. The project is set to enhance the urban landscape and contribute to the ongoing growth and appeal of Jersey City’s bustling downtown.
The deal was expertly co-brokered by Eric Panecki, David Choi, and Matt Neptun of Brick City Capital, demonstrating a collaborative effort to bring this significant project to fruition.
With its strategic location and thoughtful design, the redevelopment promises to be a cornerstone of the community, offering new residential and commercial opportunities in one of Jersey City’s most dynamic neighborhoods.
As a commercial real estate mortgage advisory firm, Progress Capital 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.
With over $40 Billion in commercial loans and $150 Million in directly funded bridge loans, CLOSING IS THE POWER OF PROGRESS.
