125-129 Magnolia Ave. in Jersey City — Courtesy: Progress Capital
By Joshua Burd
The buyer of an apartment and retail building in Jersey City has landed more than $17 million in financing, according to an advisory team with Progress Capital.
Located in the city’s Journal Square section, the property at 125-129 Magnolia Ave. includes 94 apartments and five ground-floor retail units. Progress Capital Partner Brad Domenico represented the purchaser, Spring Property Management of Ohio, in sourcing the $17.25 million acquisition loan.
Gebroe-Hammer Associates Executive Vice President Niko Nicolaou brokered the sale.
“The loan was originally approved as a Fannie Mae execution through Eric Regenbogen of Arbor Realty Trust,” Domenico said. “As the Treasury market started to experience volatility, Arbor was able to transition the loan into their Private Label CMBS program, which provided the borrower a better rate plus full term I/O. This was all done seamlessly with no adverse effect on either the proceeds or the closing timeline.”
In a news release, Progress Capital said each apartment at the five-story, 1920s-era building has undergone high-end kitchen and bathroom renovations and the installation of new windows. Its former owner has also completed improvements such as a new roof, an upgraded lobby and a modern elevator system.
The property is a block from the Journal Square PATH Station and minutes from several parks.