Progress Capital Facilitates $13.6 Million Construction Loan for Jersey City Apartment Community
In a significant development for the CRE market in Jersey City, Brad Domenico of Progress Capital has successfully arranged a construction loan worth $13.6 million for Diego Hodara of Titanium Realty Group. The loan will enable the development of an exciting new apartment community at 177 Academy Street in Jersey City, NJ. The project aims to transform the site into a modern, six-story multifamily building, complete with exceptional amenities and convenient access to public transportation.
The property enjoys a prime location directly in front of the Journal Square PATH station, providing a quick commute into Midtown Manhattan. While immediate surroundings include a plethora of retail shops, restaurants, nightlife venues, boutiques, supermarkets, banking institutions, pharmacies, and more, ensuring residents have everything they need within walking distance.
The property’s location in Journal Square is particularly noteworthy, as it is a bustling business district, residential area, and transportation hub. Over the years, Journal Square has undergone significant development and has become a vibrant and energetic neighborhood, offering a mix of live, work, and leisure opportunities. It has emerged as the focal point of activity and growth in Jersey City, attracting residents and businesses alike.
“With its strategic location, thoughtfully designed living spaces, and an array of amenities, this project is set to contribute to the ongoing transformation of Jersey City and offer residents an exceptional living experience.” – Brad Domenico
Progress Capital, a leading CRE mortgage advisory firm serving clients for more than three decades by providing honest advice and expert execution for navigating the commercial real estate landscape. With a remarkable track record of closing over $40 billion in commercial loans and directly funding $150 million in bridge loans, Progress Capital has become a trusted name in the industry.