Jersey City. NJ — Progress Capital, a commercial real estate mortgage advisory company announced a $30 million construction loan closed by Progress Capital partner, Brad Domenico.
Brief History…In 2017, Domenico arranged an acquisition loan for New York-based Monticello Equities to purchase the property located at 136 Summit Ave. in Jersey City. A final farewell to the vacant Fairmount Hospital building that once occupied the premises, was followed by a complete demolition of the site to accommodate a newly constructed nine-story, 159,861 s/f mixed-use building. However, once bedrock was uncovered within the foundation, construction was delayed until it could be rectified.
Making History… Domenico worked with Leumi Bank and secured a $30 million construction loan, allowing the borrower to complete the construction project, as well as recapture equity. Upon completion, the property will be deemed the largest development south of Montgomery Street in Bergen Hill.
The mixed-use property will feature 99 luxury apartments, along with 2,240 s/f of ground level retail space and a 75-space parking garage. Amenities include modern lobby with 24-hour concierge, state of the art security system, fully equipped fitness center with showers, residential lounge with conference room, outdoor sky garden & patio areas and storage units for residents. Additionally, the site is located just a mile away from the Journal Square shopping centers and subway station, serviced by the PATH trains.