Leumi Bank finances $ 30 million loan for the construction of a JC apartment
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 on behalf of Monticello Equities for his mixed-use development at 136 Summit Avenue.
Monticello acquired the site for $ 36 million in 2017, with Domenico arranging a $ 26.25 million acquisition financing through Sterling / Berkshire Bank.
Site of the former Fairmount Hospital, Monticello demolished the property to accommodate a new nine-storey 159,861 sq. Ft. Building. However, once bedrock was discovered in the foundation, construction was delayed until it could be rectified.
The new financing will allow the borrower to complete the construction project, as well as recover equity. When completed136, Summit will be the largest development south of Montgomery Street in Bergen Hill.
With 99 apartments and 2,240 s / f of commercial space on the ground floor and a 75-space parking garage, the new building will offer residents a fitness center, lounge with conference room, garden outdoor, terraces and storage units.
The property is one mile from shopping malls and Journal Square subway station, served by PATH trains.
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