A rendering of The Element, a planned 631-unit apartment project at 400 Claremont Ave. in Jersey City — Courtesy: Progress Capital/Rendering by Marchetto Higgins Stieve Architects
By Joshua Burd
The developer of a 631-unit apartment building in Jersey City has secured $84 million in construction financing and $36 million in equity, Progress Capital announced Friday.
Known as The Element, the property at 400 Claremont Ave. will include 277 so-called micro-units that are less than 500 square feet. Plans also call for more than 70,000 square feet of amenities, 15,500 square feet of retail space and 279 covered parking spaces.
Progress Capital Founding Partner Kathy Anderson arranged the financing and equity. In a news release, the Tinton Falls-based firm noted that The Element is located in a federally designated Opportunity Zone, allowing investors to qualify for special tax benefits.
The property, a 2.73-acre former manufacturing site, is also steps from the Hudson-Bergen Light Rail’s West Side station, while its developer plans to offer two private shuttles to the PATH station. Investment group 400 Claremont Urban Renewal LLC sought to capitalize on that location when it acquired the parcel in summer 2018.
Amenities at the project are slated to include a heated pool, game room, yoga studio, fitness center, children’s playroom and rooftop terrace, among others.