Apartment complex in Hamburg refinanced for $31M

A multifamily complex in Hamburg was refinanced for $31 million, according to Progress Capital.

The real estate firm secured the loan for Carlton Village Apartments, a 240-unit complex consisting of 21 buildings at 3331 Route 94, Progress said in a news release.

“Since spring of last year, we’ve been seeing an exodus rise coming from residents living in major cities such as Manhattan, Jersey City and Hoboken,” Progress Capital’s Brad Domenico said. “As the pandemic looms and people continue to work remotely, it’s apparent that most of them are willing to trade the city life for more living space in locations that aren’t heavily populated and have less overhead.”

The Progress Capital team of Domenico and Gabby Cali represented the unnamed borrower in securing the loan.