Progress Capital Arranges $14 Million Construction Loan for New Mixed-Use Development in Plainfield
Despite pandemic-related delays, Brad Domenico of Progress Capital successfully secured a $14 Million Construction Loan for a ground-up construction project scheduled to be completed by Spring of 2021.
The site’s development includes a four-story complex containing (70) one and two-bedroom residential units to be built above a 4,000 SF ground-floor retail component, as well as an underground parking structure. The building’s amenities feature a landscaped, elevated outdoor courtyard, a 1,500 SF fitness center and a shared resident’s lounge.
The property sits in the city of Plainfield, known for its numerous homes, parks and districts listed on the National Register of Historic Places. Among the several 18th-century buildings remaining are a Friends’ meetinghouse (1788), the Martine house (1717), and the Nathaniel Drake House (1746), known as George Washington’s headquarters during the Battle of Short Hills in June 1777. The location offers residents easy access to public transportation, including New Jersey Transit’s Raritan Valley commuter rail line.
Progress Capital is a commercial mortgage advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. With over 30 years of experience facilitating commercial loans in NJ and New York, we continually prove our value to our clients by securing the best capital options available in the market.