Progress Capital secures $68.5m for Phase II of Gull’s Cove Condo Complex in Jersey City
JERSEY CITY, NJ — Kathy Anderson of Progress Capital Advisors has arranged a $68.5 million construction loan for a valued client to begin Phase II of Gull’s Cove, a nine-story, 107 unit condominium tower. This is the final stage of the Gull’s Cove Condominium Complex located in Jersey City’s Liberty Harbor North redevelopment area across from Liberty State Park. The location provides convenient access into New York City while offering stunning views of its skyline.
In 2004, Progress Capital arranged the initial $81 million loan for the construction of 331 units in Phase I. After the financial crisis, the owner decided to delay Phase II until the market timing was correct. The combination of limited inventory along the Gold Coast combined with continued low interest rates, has created the perfect environment to absorb these units quickly. The Phase II construction loan is an interest only 24-month term that was placed with Procida’s 100 Mile Fund. “We are finding that with the Basel III HVCRE rules and the tightening of construction credit especially for condominiums, often times a non-traditional bridge lender is better suited for a developer’s capital needs,” said Anderson. Gull’s Cove II is expected to be completed late 2017 and pre-sales are underway. The project will include 1, 2 and 3 bedroom apartments, duplexes and triplexes ranging in size from 678 s/f to 2,170 s/f. The two buildings are adjoined by a ground-level row of retail shops. Amenities include 24/7 concierge, fitness center, community room, common outdoor patio and covered on-site parking.