A rendering of The Modern, a 119-unit luxury apartment building at 45 South Grove St. in East Orange — Courtesy: Progress Capital
By Joshua Burd
The developer of a new 119-unit luxury apartment building in East Orange has landed nearly $20 million in financing, according to a debt advisory team with Progress Capital.
The borrower, Hero Construction, is repurposing the former site of the Blood Center of New Jersey at 45 South Grove St. It has now secured a $19.54 million construction loan through Metropolitan Bank for what will be known as The Modern, which will feature studio, one-bedroom and two-bedroom apartments with upscale interiors.
Progress Capital Principal Brad Domenico sourced the financing, working on behalf of Hero Construction Principal Dennis McNeil.
In a news release, the firm noted that the Blood Center closed in 2014 after 70 years of serving Essex County. Hero, which has built, converted or renovated more than 1,000 luxury apartments in New Jersey, is seeking to capitalize on the site’s location near the city’s Central Avenue corridor and nearby mass transit and highway access.
Also nearby are East Orange General Hospital, recreational offerings and higher education institutions in Newark.