A luxury apartment complex in Jersey City will advance after snagging a $30 million construction loan.
The 99-unit residential building at 136 Summit Avenue, developed by Monticello Equities, has been in the works for several years. Progress Capital arranged the latest round of financing from Bank Leumi, which will be used to help finish construction on the project, which broke ground in 2018.
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When it’s finished, the 159,861-square-foot project will have 2,240 square feet of ground floor retail space and a 75-space parking garage.
The development is located on the site of the former Fairmount Hospital. When it was first proposed in 2016, some area residents pushed back, claiming it would negatively impact the neighborhood, according to Jersey Digs.
Now, it’s set to become one of the largest residential projects in this particular corner of Jersey City.