The Top Financial Deal of 2020
Progress Capital, THE ELEMENT, Jersey City, NJ
Institution: Tall Pines Capital
Financier: Kathy Anderson of Progress Capital
Size of property: 2.73-acres
Kathy Anderson secured an $84 million construction loan plus $36 million of equity to develop The Element, located at 400 Claremont Ave. The 6-story building features 631 units, 277 of which are studios starting at $1,200 per month. The building offers over 70,000 s/f of amenities including a full-size heated pool, fitness center, outdoor bar and dog walk. Additionally, tenants have access to private shuttles to the PATH train. It’s no wonder these smaller apartments remain in high demand amongst millennials who are willing to trade SF for plentiful amenities, affordability and a key location. The Element is one of the first large developments to be built in a QOZ along New Jersey’s Gold Coast.