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Debt & Equity

Metropolitan Bank funds $20M NJ construction loan

Metropolitan Bank has provided a $19.54 million loan for the redevelopment of a 119-unit apartment building in East Orange, NJ.

BRAD DOMENICO

Brad Domenico of Progress Capital secured the financing for Dennis McNeil, developer and principal of Hero Construction, which is building The Modern at 45 South Grove Street.

 The former site of the Blood Center of New Jersey which closed its doors in 2014, after 70 years of servicing Essex County will be redeveloped as a brand new 5-story, 119-unit residential development.

The new building will feature a lobby area and parking garage on the first floor, while the residential units occupy the four levels located directly above. 

The unit mix is comprised of four studio lofts, 48 one-bedroom units and 67 two-bedroom units and range in size from 706 to 1,376 s/f.  Each apartment will have floor-to-ceiling windows, contemporary kitchens and stainless-steel appliances.

The property is a few blocks from Central Ave, a major retail area and one of the main thoroughfares of East Orange.  Nearby conveniences include Sussex Plaza Shopping Center, Central Avenue Plaza and Strip Center, East Orange General Hospital and numerous recreational facilities including Newark Museum, Dreyfuss Planetarium, and Edison National Historic Site. 

Additionally, New Jersey Institute of Technology, Rutgers, The State University of New Jersey and Essex County College are less than two miles away. 

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