Progress Capital on Monday said it secured a $14.95 million construction loan for the Kontos Group for Hunter Lofts, a redevelopment project lead by Kontos Construction Ltd., featuring a 57-unit building to be built at 140 W. Webster Ave., Roselle Park.
Kathy Anderson and Caillin Boles of Progress Capital facilitated the construction loan through Columbia Bank, which carries a 36-month interest-only period with a 10-year permanent conversion option.
Redevelopment plans include transforming the former site of H&H Building Supply into a mixed-use property with 57 residential units and 4,000 square feet of commercial/retail space. Of the 57 residential units, 51 will be market rate, while the remaining six units will be affordable, with half being marketed with a preference to military veterans.
The premises take up more than an acre near Roselle Park High School and the Locust Street entrance to the Roselle Park Train Station. Roselle Park offers residents an urban-suburban mix feel and is rated as one of the best places to live in New Jersey.
Since 1990, Progress Capital has closed over $40 billion in commercial loans and $150 million in directly funded bridge loans. As a commercial real estate advisory firm, it provides valuable advice to manage all capital needs.