Leumi Bank has funded a $30 million construction loan for a 99-unit luxury apartment development in Jersey City.
Brad Domenico of Progress Capital Brad secured the loan of behalf of Monticello Equities for its mixed-used development at 136 Summit Avenue.
Monticello acquired the site for $36 million in 2017 with Domenico arranging $26.25 million acquisition financing through Sterling/Berkshire Bank.
Site of the former Fairmount Hospital, Monticello demolished the property to accommodate a newly-constructed nine-story, 159,861 s/f building. However, once bedrock was uncovered within the foundation, construction was delayed until it could be rectified.
The new funding will allow the borrower to complete the construction project, as well as recapture equity. Upon completion136 Summit will be the largest development south of Montgomery Street in Bergen Hill.
With 99 apartments and 2,240 s/f of ground level retail space and a 75-space parking garage, the new apartment building will offer residents a fitness center, lounge with conference room, outdoor sky garden and patio areas and storage units.
The property is located a mile from the Journal Square shopping centers and subway station, serviced by the PATH trains.