Progress Capital Arranges $30 Million Construction Loan for Jersey City Multifamily Development
Brad Domenico, Partner at Progress Capital, a leading CRE mortgage advisory firm, has successfully secured a $30 million construction loan for the development of a 155-unit multifamily property situated along Communipaw Avenue in Jersey City, New Jersey.
Leveraging his extensive professional connection, Brad worked with Eric Regenbogen of Arbor Commercial Mortgage to structure a non-recourse construction loan with favorable terms for the Borrowers, Avi and Eyal Gagin.
The development will be comprised of an impressive 6-story residential apartment complex totaling 155 units. The property will span a sprawling 133,333 SF of premium living space as well as three commercial units encompassing 3,109 SF, bringing the perfect blend of living and commerce.
Residents of these modern apartments will be treated to an array of luxurious amenities that redefine the art of comfortable living. Among these amenities are a state-of-the-art gym, a stylish lounge area, an animated kids’ club, versatile coworking spaces, a secure bike room, and more. The property is thoughtfully designed to offer a comfortable and convenient living experience that harmonizes with the dynamic lifestyle of Jersey City.
One of the standout features of this development is its strategic positioning as a transit-oriented development (TOD). The property grants immediate access to various public transportation options, with the Journal Square PATH station and bus station a short distance away. This prime location ensures an effortless commute to Manhattan, making it the ideal choice for urban professionals.
The surrounding neighborhood boasts a diverse array of conveniences, including restaurants, lively nightlife venues, an abundance of retail shops, boutiques, and more.
“I’m thrilled to have played a pivotal role in arranging the financing for this groundbreaking project, which will not only contribute to the growth and vitality of Jersey City, but also introduces a new level of refinement and convenience to its growing multifamily housing market.”
– Brad Domenico
Progress Capital specializes in arranging financing for owners and developers of commercial real estate properties, including mixed-use, multi-family, office, industrial, retail, and more. Since its establishment in 1990, Progress has closed over $40 Billion in commercial loans and $150 Million in directly funded bridge loans.
