Brad Domenico, partner at Progress Capital, negotiated a $26,250,000 construction to permanent loan secured by two parcels of land for construction of a new nine-story mixed-use, residential and retail building on Summit Avenue in Jersey City.
At present, one parcel of land is vacant, while the second is occupied by a vacant three-story brick hospital building formerly known as the Fairmount Hospital.
The parcels encompass two corner properties, one at the intersection of Summit and Fairmount Avenues and the other adjoining at the intersection of Clifton Place and Fairmount Avenue.
Purchased in 2015, the new development will consist of a 159,861 s/f mixed-use elevator building containing 99 luxury residential units and one 2,240 s/f street level retail unit with a 75 space below grade parking garage.
Domenico negotiated the loan with Michael Savarese of Sterling National Bank. The terms include an 18-month interest-only period floating over LIBOR. This loan represents a 65 percent Loan to Project Cost.
