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Jersey City project secures $30M construction loan
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West of Hudson Properties Lands $30 Million for Jersey City Project
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Progress Capital partner, Brad Domenico
has secured a $17,250,000 loan for Ohio-based Spring Property Management’s acquisition of a mixed-use building at 125-129 Magnolia Avenue, Jersey City.
The sale of the property
was brokered by Niko Nicolaou, executive
vice president at Gebroe Hammer Associates.
The site contains a five-story 1920’s era building known as 125 Magnolia at Journal Square. The contains 99 units comprised of five ground-floor retail units and 94 apartments. Each of the units have recently undergone high end kitchen and bathroom renovations, as well as the installation of new windows. Some additional building improvements completed include a new roof, upgraded lobby and new contemporary elevator system.