Jersey City development advances with $30M construction loan

Monticello Equities will build 99 luxury apartments

Tri-State /
Feb.February 18, 2021 10:45 AM
Progress Capital partner Brad Domenico and the development at 136 Summit Avenue (Photos via Progress Capital)

Progress Capital partner Brad Domenico and the development at 136 Summit Avenue (Photos via Progress Capital)

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.

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.





    Related Articles

    arrow_forward_ios
    NRIA Fund president Rey Grabato and 360 Main Street in Hackensack (NRIA, Google Maps, iStock)
    Resi project in Hackensack threatened by bankruptcy, alleged fraud
    Resi project in Hackensack threatened by bankruptcy, alleged fraud
    Marcus & Millichap Associate David Ferber in front of part of the 30-building, 319-unit portfolio concentrated in Jersey City (Marcus and Millichap, iStock)
    Hot rental market boosts NJ multifamily despite rate hikes
    Hot rental market boosts NJ multifamily despite rate hikes
    Anthony "Fat Tony" Salerno and the Rhinebeck horse farm (Hudson Modern, Getty)
    Rhinebeck farm once owned by mob boss lists for $1.5M
    Rhinebeck farm once owned by mob boss lists for $1.5M
    Long Island Board of Realtor's Tessa Hultz (LIRealtor.com, HomeForAllOfUs.org, iStock)
    How not to discriminate: Long Island Realtors launch fair housing effort
    How not to discriminate: Long Island Realtors launch fair housing effort
    Rubenstein Partners' David Rubenstein and Warren Corporate Center (Rubenstein Partners, iStock)
    Tri-state deal roundup: King Kullen loses ground, former Modell’s replacements
    Tri-state deal roundup: King Kullen loses ground, former Modell’s replacements
    NRIA Fund president Rey Grabato (LinkedIn, iStock)
    Bankrupt NJ developer accused of $630M fraud
    Bankrupt NJ developer accused of $630M fraud
    Julia Koch and 840 Meadow Lane in Southampton (Getty Images, Tim Davis/Corcoran)
    Julia Koch revealed as buyer of dated $70M Southampton estate
    Julia Koch revealed as buyer of dated $70M Southampton estate
    Sophocles Zoullas and 275 Ox Pasture Road in Southampton (Getty Images, Harald Grant Real Estate, iStock)
    ‘Tenacre’ estate is only 3 acres, but lists for $25M
    ‘Tenacre’ estate is only 3 acres, but lists for $25M
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...