Plans for Hunter Lofts call for 57 apartments and 4,000 square feet of commercial space at 140 West Webster Ave. in Roselle Park. — Rendering courtesy: Progress Capital
By Joshua Burd
A developer has landed a nearly $15 million construction loan for a planned 57-unit apartment building in Roselle Park, in a deal arranged by Progress Capital.
The debt placement team said Columbia Bank is providing the financing, which carries a 36-month interest-only period with a 10-year permanent conversion option. The loan will support the redevelopment of the former H&H Building Supply property at 140 West Webster Ave., where plans call for 51 market-rate apartments and six units for lower-income renters, along with 4,000 square feet of commercial space at a building known as Hunter Lofts.
Progress Capital’s Kathy Anderson and Caillin Boles sourced the $14.95 million construction loan on behalf of The Kontos Group, noting that half of the affordable units will be marketed with a preference to United States military veterans. The parcel spans more than an acre near Roselle Park High School and the Locust Street entrance to the Roselle Park train station.
Kontos Construction Ltd. is the project’s general contractor.
