Progress Capital Secures $6.45M Loan for Journal Square Apartment Portfolio
Brad Domenico of Progress Capital secured a $6,450,000 acquisition loan for the Weingarten Group to purchase a two-building portfolio located in the Journal Square section of Jersey City.
Domenico worked with Rob Surovich of Lakeland Bank on the financing while Niko Nicolaou of Gebroe-Hammer represented both the buyer and the seller in the transaction.
The multifamily portfolio is comprised of two buildings totaling 57 units. The property at 88-94 Tonnele Avenue is located in a Federal Opportunity Zone and consists of (4) adjacent four-story buildings with 32 units, all of which are 2 bedrooms/1 bath. The other property, located at 618-620 Summit Avenue consists of (2) conjoining five-story buildings containing 25 residential apartments made up of (6) 1 bed/1 bath units and (19) 2 bed/1 bath units. Both properties have been recently renovated and provided with new boilers, hot water heaters, roofs and fire alarm systems in the main corridors.
“You don’t often see historic buildings like this (built in 1910 and 1890), turn hands very often, especially in the Journal Square section of Jersey City. The Kevelson Family owned the properties and made the necessary upgrades during their 40 plus years of ownership to keep the buildings in excellent condition”, said Domenico.
Journal Square historically has been the center of commerce for the state’s second largest city, a retail center to which people have flocked for decades. Hudson County, and specifically Jersey City, has seen a massive influx in development and capital investors. The area is known for its lively business district, residential area and transportation hub. Jersey City is becoming a more prosperous area for people seeking an affordable alternative to New York City.
Progress Capital is a commercial real estate advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. With over 30 years of experience, Progress continues to provide value to clients by securing the best financing options available in the market. We get you to the closing table…Plain and Simple.