The Moxie at Journal Square at 253 Academy St. in Jersey City — Courtesy: Progress Capital
By Joshua Burd
The owner of a new 79-unit apartment building in Jersey City has refinanced the property for $14 million, according to a debt placement team with Progress Capital.
In a news release, the advisory firm said it sourced the loan on behalf of Pointe Developers LLC for the project at 253 Academy St. Progress Capital Founding Partner Kathy Anderson brokered the financing, which includes 12 months of interest only to allow time for full stabilization, while the bank agreed to fund based on leases in place with earn-out so that the borrower can repay a maturing construction loan prior to maturity.
Known as The Moxie at Journal Square, the building is among the newest additions to the city’s onetime commercial hub, which has attracted a wave of new development and investment over the past decade. Progress Capital noted that the property contains a mix of 77 studios and two larger apartments that were constructed in prefabricated segments and assembled as standalone modular units, with amenities such as rooftop grills, a smart gym, secure bike storage and concierge service.