Progress Capital Lands $26M for Mixed-Use Jersey City Project
The development, which is being built on the site of the former Fairmount Hospital, will feature 99 luxury apartments and 2,240 square feet of ground floor retail.
Progress Capital has arranged a $26.3 million construction to permanent loan for the development of a new mixed-use residential and retail building in Jersey City, N.J. The loan was to secure two parcels of land, one vacant lot and the other that is a vacant three-story brick hospital building, formerly known as Fairmount Hospital.
The project land comprises two corner properties, one meeting at the intersection of Summit and Fairmount Avenues and the other at Clifton Place and Fairmount Avenue. Acquired in 2015, the development will encompass 99 luxury apartments, 2,240 square feet of ground floor retail and a 75-space below grade parking garage. Totaling 159,861 square feet, the property will feature amenities such as a 24-hour concierge, residential lounge, rooftop terrace/garden, fitness center and conference room.
“Jersey City has seen a complete transformation over the years in residential and commercial development,” said Brad Domenico, partner at Progress Capital. “This new construction represents the continued fervor at which the redevelopment continues—this being one of the first major new projects in the McGinley Square section of Jersey City just south of both downtown and Journal Square—where we have seen the bulk of repositioning thus far.”
In January, Progress Capital arranged the $17 million sale of a development site in Bogota, N.J., on behalf of River Development. The site was purchased by PCD Capital and will be home to a future apartment community.
Image courtesy of Progress Capital