A rendering of the Transit Village at 231 Third Ave. in Long Branch — Courtesy: Progress Capital Advisors
By Joshua Burd
Progress Capital Advisors has brokered a $9 million loan to help spur construction of a new 46-unit multifamily building in downtown Long Branch.
Located 231 Third Ave., the five-story project will be added to an existing retail building in the city, Progress Capital said. Completion is slated for late 2019 for what will be known as the Transit Village, part of a redevelopment area aimed at revitalizing the underused downtown.
Progress Capital’s Brad Domenico arranged the construction-to-permanent mortgage loan with 24 months interest-only at a floating rate of LIBOR plus 3.5 percent, the news release said. The financing is being used for the acquisition of the existing commercial structure and approved development project, the firm said, noting that the borrower will have the option to convert the loan to a permanent mortgage upon stabilization.
The redevelopment in Long Branch follows the demolition of a series of downtown buildings that had grown vacant and dilapidated over decades. The city now has several projects underway along its waterfront and the historic central business district.