The Raphael Comes to Hoboken – The Perfect Combination of Modern and Historic Architecture
Not all loans are created equal. Many times, they are a 7 YEAR labor of love which is the story of ‘The Raphael’ in Hoboken. When Seth Martin called Kathy Anderson of Progress Capital in 2013 and said “I want to turn this beautiful old historic church into condos and I need a construction loan,” Kathy was all in. At the time, the property was simply a corner lot with an old free-standing church which local residents simply viewed as another historical property to pass by in Hoboken.
Kathy and Seth had previously worked together on the Jefferson Trust Building in Hoboken. Kathy arranged the funding and Seth made the magic accomplishing an extraordinary transformation, while maintaining and preserving the historical structure and adding value to the community.
The Raphael (or the Church Building as we lovingly called it back then) was built in 1890 and added to the National Registry of Historic Places in 2006. In 2013, Seth purchased the property and started his mission to transform the building into an exquisite grand Romanesque-style residence. Kathy arranged the necessary funding and the journey began (THANK YOU 1st Constitution Bank for hanging in there through two modifications and several extensions).
The Raphael is situated in the beautiful heart of the Mile Square City with six expansive residences ranging from 1,700 SF to 3,580 SF. The original bell tower serves as a studio loft connected by way of a private outdoor terrace. All the residences include custom Italian-style cabinetry in the kitchens boasting Taj Quartzite countertops with high-end appliances and luxe touches such as heated floors and Perlato soaking tubs in the master bath. www.theraphael.com
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… With Love! #thatsProgress
