Progress Capital Arranges Construction Financing for Hunter Lofts Redevelopment Project
Kathy Anderson and Caillin Boles of Progress Capital secured a $14,950,000 construction loan for The Kontos Group (owner/developer) of Hunter Lofts, a redevelopment project lead by Kontos Construction Ltd. (General Contractor), featuring a 57-unit building to be built at 140 W. Webster Avenue, Roselle Park, NJ.
Columbia Bank provided the construction loan, which carries a 36-month interest-only period with a 10-year permanent conversion option.
Redevelopment plans include transforming the former site of H&H Building Supply into a mixed-use property with 57 residential units and 4,000 SF of commercial/retail space. Of the 57 residential units, 51 will be market rate, while the remaining 6 units will be affordable, with half being marketed with a preference to United States military veterans.
The premises take up more than an acre near Roselle Park High School and the Locust Street entrance to the Roselle Park Train Station. Roselle Park offers residents an urban-suburban mix feel and is rated as one of the best places to live in New Jersey.
Since 1990, Progress Capital has closed over $40 Billion in commercial loans and $150 Million in directly funded bridge loans. As a commercial real estate advisory firm, we provide valuable advice to manage all your capital needs.