Progress Capital Arranges Financing for 40-Unit Multifamily Development in Bayonne
Bayonne residents will no longer fret the vacant lot that sits on Broadway and Avenue C, as an eyesore to the city’s main business district. As Brad Domenico of Progress Capital secured a $10,200,000 construction loan, giving the principals of Iron Ore Properties the greenlight to begin constructing a 40-unit multifamily building at 39-43 W. 25th Street, Bayonne, NJ.
Development to the site includes a five-story building containing rooftop amenities and 46 parking spaces for the 40 residential tenants.
“The housing market is inflating in Bayonne! It’s an ideal working-class town that offers a big city feel with small-town vibe, attracting NYC commuters by the dozen.” – Brad Domenico
The city of Bayonne is situated on a 3-mile peninsula south of Jersey City and across from the northern part of Staten Island in Hudson County, NJ. Residents benefit from many easy commuting options into NYC, including NJ Transit Bus, the Hudson Bergen Light Rail, the Path Train and the Ferry. Additionally, a 3.5-mile commercial strip located on Broadway is lined with an array of restaurants, cafes and boutiques.
Since 1990, Progress Capital has served New Jersey as a leading commercial lender, closing over $40 Billion in commercial loans and $150 Million in directly funded bridge loans. As a commercial real estate advisory firm, we 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.