Plans call 20 Third Ave. in Long Branch call for a four-story structure with one- and two-bedroom homes averaging roughly 750 square feet. — Rendering courtesy: Prime City
By Joshua Burd
A developer has closed on $7.5 million in construction financing for a 31-unit apartment building in Long Branch, with a groundbreaking set to take place next month.
The Hoboken-based firm, Prime City, said Manasquan Bank provided the two-year floating rate loan for the project at 20 Third Ave., where plans call for a four-story structure with one- and two-bedroom homes averaging roughly 750 square feet. Amenities will include a rooftop area with ocean views, while the property is also slated to include 2,500 square feet of ground-floor retail space, half of which will be leased to the city of Long Branch as a community and cultural arts center.
Prime City started demolition of an existing building in February and will host an official groundbreaking ceremony in April, according to a news release.
“Long Branch is an extremely desirable submarket with significant demand for multifamily housing,” said Alexander McGee, co-founder of Prime City. “This loan propels the development forward while also demonstrating lender confidence in the track record and strength of Long Branch. We are grateful for the support we’ve received from the city, the community and Manasquan Bank, and are excited to soon deliver a high-quality residential product.”
Located on a half-acre site, 20 Third Ave. is a short distance from the popular, mixed-use Pier Village complex that remains a significant draw for the Monmouth County city. Prime City noted that the new community center on site will pay homage to the property’s history as the original home of the Lincoln Can Manufacturing Co. and later the Shore Institute of Contemporary Arts.
“We’re proud to support the establishment of Prime City within the Jersey Shore area and are eager to support a community that will be transformed by the 20 Third Avenue, Long Branch project,” said Michael Carafa, a vice president and commercial lender with Manasquan Bank. “Manasquan Bank’s relationship-centric approach means we’re not just financing a high-quality real estate project, but we look forward to potential new opportunities for years to come.”