Progress Capital secures $19M+ construction loan for E. Orange project

A residential development has secured $19 million-plus in financing for construction, according to Progress Capital.

The real estate services firm said in a news release Monday that it arranged $19.54 million in financing for the Modern, a five-story, 119-unit residential development in East Orange on the site of the former Blood Center of New Jersey at 45 S. Grove St.

Brad Domenico of Progress Capital handled the transaction for Dennis McNeil, developer and principal of Hero Construction. Metropolitan Bank provided the 18-month, interest-only construction loan.