PROGRESS CAPITAL | Kathy Anderson Closes “The Best Construction Loan of the Year”
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Kathy Anderson Closes “The Best Construction Loan of the Year”

Kathy Anderson Closes “The Best Construction Loan of the Year”

15:01 29 March in News & Talk

The Silklofts – $12.3 Million Construction Loan

The former Maidenform factory built between 1890 – 1910 and located on 18th Street and Avenue E in Bayonne, is undergoing an adaptive reuse and transformation into 84 loft style apartments to be named The Silklofts. Located within two blocks of the 22nd Street station of the Hudson-Bergen Light Rail, the former Maidenform site is ideal for commuters.

Maidenform was founded in the early 1920’s after Ida Rosenthal – originally a dress maker from Hoboken – teamed up with dress shop owner Enid Bissett to create a new brassiere. During World War II, the company made parachutes, head nets, mosquito bars, mattress covers and a brassiere-like nylon vest for carrying courier pigeons in this location. According to the project developer, Doug Stern, “It has taken 3 years to get to this point, and Leon Cohen, of CSR Group who is a Partner as well as the design architect and builder, has been instrumental in all aspects. I couldn’t have picked a better partner.” When I needed to secure financing for the project, I contacted Kathy Anderson of Progress Capital Advisors, located in Shrewsbury, NJ. Kathy was invaluable in guiding us through the process from the first meeting right up to the closing table.

Bayonne is the place to be…

 

Stern says he was attracted to Bayonne because it has good schools, good transportation and a good future potential. “Bayonne is an undiscovered gem”. He also said the building’s history and structure begs for a different approach to development with community areas and amenities that bring the residents together. He said while the facility will provide modern accommodations, it will honor its history and roots, by leaving beams and bricks exposed, reopening bricked-in window arches, and displaying original Maidenform photographs and memorabilia.

The project will consist of Studio, One and Two bedroom residences, including some live/work residences for artists with onsite gym and parking. Stern also envisions a courtyard including an herb garden, water feature, rustic Pizza oven and BBQ area, trees, brick patio and benches along with a 14-foot wall at the back of the property to provide the residents with a private “Brooklyn” feel at affordable prices.

Additionally, the project will be pursuing “LEED Certification” benefiting from the fact that no energy will be expended on new brick, steel, and other materials, and the developer is conscious to minimize the carbon footprint of the project wherever possible.

“We want to honor the historical site of the building, both what it meant to the town and its people,” Stern said. “This building has more potential than any other site in Bayonne. There are very few buildings like it, with 12-foot ceilings and huge windows that let in lots of light.”

*As seen in the Mid Atlantic Real Estate Journal Financial Digest