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Funding secured for Jersey City mixed-use building

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Funding for a nine-story mixed-use building in Jersey City has been secured by Progress Capital, which negotiated the $26,250,000 construction-to-permanent loan for the project.

The project will be developed on two corner parcels of land at the former site of Fairmount Hospital and include 159,861 square feet of residential units and 2,240 square feet of street-level retail space.

“Jersey City has seen a complete transformation over the years in residential and commercial development,” said Progress Capital Partner Brad Domenico, who negotiated the loan. “This new construction represents the continued fervor at which the redevelopment continues, this being one of the first major new projects in the McGinley Square section of Jersey City just south of both downtown and Journal Square, where we have seen the bulk of repositioning thus far.”

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Elana Knopp

Elana Knopp

Elana Knopp covers all things real estate for NJBIZ. You can contact her at eknopp@njbiz.com.

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