Progress Capital arranges $14M commercial loan for Jersey City multifamily property

Pointe Developers attained a $14 million refinancing loan for 253 Academy St. in Jersey City, according to a Monday announcement from Kathy Anderson, founding partner at Progress Capital.

According to Anderson, who helped secure the loan, it was just a year ago that the property went from “Blah to Ah!” The newly constructed 79-unit building known as the Moxie at Journal Square made headlines as the latest innovative addition to Jersey City’s urban landscape.

The modular building contains 77 studio units and two larger apartments that were constructed in prefabricated segments and assembled as stand-alone modular units. The community features plentiful amenities, including rooftop grills, a high-tech smart gym, secure bike storage facility and concierge service.

The property is positioned in Bergen Square, a subneighborhood of Journal Square known as one of the most emerging markets in Jersey City for gentrifying at a rapid pace. The Moxie features uncompromising detail, form and function for providing a unique urban residence, while simultaneously offering a pedestrian-friendly experience with nearby bicycle accessibility, bus service and the Journal Square PATH Station.

The property had some challenges to overcome before obtaining the loan. For one, being newly constructed, the building was not fully stabilized and, with its construction loan maturing, a new loan needed to be secured.