FORMER MAIDENFORM FACTORY TO UNDERGO $12.3M TRANSFORMATION INTO APARTMENTS

BAYONNE, N.J. — Progress Realty Advisors has arranged $12.3 million in financing for the former Maidenform factory in Bayonne to undergo a transformation into 84 loft-style apartments to be called The Silklofts. The multifamily property will be located at the intersection of 18th Street andAvenue E. The project will include studio-, one- and two-bedroom residences, some live/work residences for artists and an onsite gym and parking. Doug Stern, owner of the property, is the project developer. Leon Cohen of CSR Group, which is also a partner in the project, is the design architect and builder. Kathy Anderson, owner of Progress Realty Advisors, arranged the financing.