Avi and Eyal Gagin are developing a 155-unit multifamily building at 859-869 Communipaw Ave. in Jersey City. — Rendering courtesy: Progress Capital
By Joshua Burd
A developer has snagged a $30 million construction loan for a 155-unit multifamily project in Jersey City’s West Side neighborhood, in a deal arranged by Progress Capital.
The debt placement team, which represented the borrower, said the financing will support Avi and Eyal Gagin’s planned six-story building at 859-869 Communipaw Ave., which includes 3,109 square feet of commercial space and amenities such as a high-end gym, a lounge area, an animated kids’ club and coworking spaces. Progress Capital’s Brad Domenico worked with Eric Regenbogen of Arbor Commercial Mortgage to structure a nonrecourse construction loan with favorable terms.
“I’m thrilled to have played a pivotal role in arranging the financing for this groundbreaking project, which will not only contribute to the growth and vitality of Jersey City, but also introduces a new level of refinement and convenience to its growing multifamily housing market,” said Domenico, a partner with Tinton Falls-based Progress Capital.
In announcing the deal, Progress noted that the project site is minutes from the Journal Square PATH and bus station, providing added appeal for commuters and urban professionals. The surrounding neighborhood also has a host of restaurants, nightlife venues and retail offerings.
