$26.25M secured for new mixed-use tower in Jersey City

Progress Capital announced Tuesday it has negotiated a $26.25 million construction to permanent loan for the construction of a new mixed-use tower in Jersey City on two land parcels.

The 156,861-square-foot tower on Summit Avenue will be comprised of 9 stories, 99 luxury residential units, a 24-hour concierge service, fitness center, residential lounge with conference room, rooftop terrace and garden, one 2,240-square-foot retail unit, and a 75-space parking garage.

Currently, one parcel of land is vacant while the second is former Fairmount Hospital, a vacant 3-story brick hospital building. The land encompasses two corner properties, one at the intersection of Summit and Fairmount avenues and the other at the intersection of Clifton Place and Fairmount Avenue.

Jersey City has seen a complete transformation over the years in residential and commercial development. 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,” said Brad Domenico.

Domenico negotiated terms of the loan with Michael Savarese of Sterling National Bank.