Progress Capital Arranges $5.23 Million Construction Loan for 23-Unit Mixed-Use Building in Jersey City
Brian Anderson, Managing Director of Progress Capital, a leading commercial real estate advisory firm, successfully secured $5,230,000 in construction financing for a development project in the heart of Jersey City.
170-174 Monticello Avenue is set to transform three vacant Bergen Hill lots into a five-story mixed-use building. The project will feature 22 residential apartments and one ground-floor retail space. The property’s prime location within the McGinley Square neighborhood, one of Hudson County’s most sought-after areas, adds significant appeal to the project.
McGinley Square is strategically positioned within the city, offering convenient access to New York City via multiple PATH stations just blocks away from the property. The square sits at the crossroads of two major city thoroughfares, Montgomery Street and Bergen Avenue. The surrounding neighborhood boasts a vibrant retail sector, brimming with a wide array of restaurants, local businesses, shops, and much more.
Progress Capital is a leading commercial real estate advisory firm that has successfully closed over $40 billion in loans and funded $150 million in bridge loans since its inception in 1990. The firm specializes in delivering expert advice and financing solutions for commercial real estate investments, adeptly guiding clients through the acquisition and financing process.