Progress Capital on Wednesday said it secured $54.5 million in construction financing for the owners of a 179,100-square-foot, state-of-the-art educational facility located at 155 Jefferson St., Newark.
David May and Evan Boles of Progress Capital worked to secure the financing.
The property is the former site of the boarded-up St. James Hospital, which sat as a vacant eyesore for the past 15 years. The sponsors will be completing a full-gut renovation to the existing structure, plus an addition to the structure, which will feature the newly built School of Architecture & Interior Design, another career-focused high school added to the Newark Public Schools roster. The specialized school will provide courses in architecture, computer-aided design and construction technology, as well as allow students to opt for the school’s traditional trade programs, including plumbing, electrical, and HVAC.
Situated in the Ironbound district of Newark, the building is surrounded by four academic institutions, including Rutgers University – Newark, New Jersey Institute of Technology, Rutgers New Jersey Medical School and Essex County College. The location is off of Elm Street and Lafayette Street, which is a ½ mile walk to Penn Station and all the commercial shops and restaurants of downtown Newark.