Progress Capital’s Anderson arranges $84M const. loan & $36M of equity for multi-family project
JERSEY CITY, NJ — Kathy Anderson, founding partner of Progress Capital arranged an $84 million construction loan plus $36 million of equity for the development of The Element, a 6-story apartment building located at 400 Claremont Ave. in Jersey City. The Element will consist of 631 units, 277 of which will be under 500 s/f. Call them what you will -- small studios or “micro-units”, there is a demand (mainly amongst millennials) who want to trade square footage for a convenient location with an abundance of amenities. The Element is steps away from the West Side Light Rail Train Stop and will provide two private shuttles to the PATH. With over 70,000 s/f of amenities, tenants will have access to a full-size heated pool, game room, yoga studio, fitness center, children’s playroom, rooftop terrace with barbecue grills, fire pits, outdoor bar and a dog walk. The Element will also house 15,500 s/f of retail space and 279 covered parking spaces.