Construction is ongoing at 136 Summit Ave. in Jersey City. — Courtesy: Progress Capital
By Joshua Burd
A developer has secured a $30 million construction loan to complete a 99-unit apartment building in Jersey City, in a newly announced transaction by Progress Capital.
The borrower, New York-based Monticello Equities, is redeveloping a former hospital site at 136 Summit Ave. in the city’s McGinley Square section. The new financing from Leumi Bank will bring the project to fruition while allowing the developer to recapture equity.
Progress Capital Partner Brad Domenico, who sourced the loan, said the property will be the largest development south of Montgomery Street. Domenico also arranged a 2017 acquisition loan for Monticello when it purchased the former Fairmount Hospital site, he said, noting that the project was stalled after demolition when crews uncovered bedrock within the foundation.
When the complete, the nearly 160,000-square-foot building will feature 99 luxury apartments, 2,240 square feet of ground-floor retail space and a 75-space parking garage, Progress said. Amenities will include a modern fitness center, a lounge with a conference room, an outdoor sky garden and patio areas and storage units for residents.
Additionally, the site is just a mile from the historic Journal Square neighborhood, which is home to the busy PATH station and additional retail and dining options.