A $ 30 million secured loan and construction continues on the largest development in Bergen Hill, Jersey City
Progress Capital has secured an additional $ 30 million in funding for the largest development to date south of Montgomery Street in Bergen Hill, Jersey City, according to a recent press release. Located at 136 Summit Avenue, the mixed-use building will span nine floors and total 159,861 square feet. Brad Domenico, Partner of Progress Capital, arranged the initial acquisition loan in 2017, as well as the recent construction loan.
New York-based Monticello Equities is the developer behind the project at the former Fairmount Hospital site. After the site was demolished, bedrock was uncovered and construction was delayed. Brad Domenico of Progress Capital worked with Leumi Bank to secure the $ 30 million loan so that Monticello Equities could complete the project and recover the equity.
The building will include 99 apartments, 2,240 square feet of retail space on the ground floor, a 75-space parking garage and modern residential amenities, as well as close to Journal Square.
Progress Capital is a real estate consulting firm founded in 1990 and has secured over $ 40 billion in construction loans and $ 150 million in directly funded bridge loans.