Progress Capital | The Funding Source was retained by Senate Place Urban Renewal, LLC to arrange a construction loan for the development of a 265 unit apartment building anchored by 5,700 square feet of retail in the heart of Jersey City. This project is another sign of the resurgence of redevelopment in Jersey City. Located across the street from Mana Contemporary, a 1.5 million square foot leading arts destination for artist studios, exhibitions and events, Senate Place provides residents with a luxurious lifestyle at a reasonable rate. “Our proximity to Mana Contemporary will attract a tenant base of artists and creative minds,” reports Art Johnson, Managing Partner of Senate Place Urban Renewal, LLC. A short distance from Journal Square, residents will have easy access to NYC.
In order to complete the financing request, the Borrower needed to secure a development partner who could provide a GMP (Guaranteed Maximum Price) Contract and a Completion Bond. Progress Capital arranged for a Joint Venture Partner who was able to provide these things for the borrower. The construction loan was attractively priced at LIBOR plus 275 bps, floating for a 36 month period. Recourse was limited to 25%.
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