Progress Capital arranges $30M construction loan for Jersey City multifamily development

Brad Domenico, partner at Progress Capital, a leading commercial real estate mortgage advisory firm, has successfully secured a $30 million construction loan for the development of a 155-unit multifamily property situated along Communipaw Avenue in Jersey City.

Leveraging his extensive professional connection, Domenico worked with Eric Regenbogen of Arbor Commercial Mortgage to structure a nonrecourse construction loan with favorable terms for the borrower Avi and Eyal Gagin.

The development will consist of a six-story residential apartment complex totaling 155 units. The property will span a 133,333 square feet of living space as well as three commercial units encompassing 3,109 square feet, bringing the perfect blend of living and commerce.

Residents of these apartments will be treated to an array of amenities that redefine the art of comfortable living. Among these are a state-of-the-art gym, a lounge area, an animated kids’ club, versatile coworking spaces, a secure bike room and more. The property is designed to offer a comfortable and convenient living experience that harmonizes with the dynamic lifestyle of Jersey City.

One of the standout features of this development is its strategic positioning as a transit-oriented development. The property grants immediate access to various public transportation options, with the Journal Square PATH station and bus station a short distance away. This prime location ensures an effortless commute to Manhattan, making it the ideal choice for urban professionals.

The surrounding neighborhood boasts a diverse array of conveniences, including restaurants, lively nightlife venues, an abundance of retail shops, boutiques and more.

“I’m thrilled to have played a pivotal role in arranging the financing for this groundbreaking project, which will not only contribute to the growth and vitality of Jersey City, but also introduces a new level of refinement and convenience to its growing multifamily housing market,” Domenico said.