Progress Capital Arranges $120M in Construction Financing for Jersey City Multifamily Project
JERSEY CITY, N.J. — Progress Capital has arranged $120 million in construction financing for The Element, a multifamily project located at 400 Claremont Ave. in Jersey City. Tall Pines Capital provided an $84 million construction loan while private investors contributed $36 million in equity. The Element will include 631 units, including 277 studios with less than 500 square feet, which are also known as “micro-units.” The six-story building will also include approximately 70,000 square feet of amenities, including a fitness center, heated pool and rooftop terrace, as well as 15,500 square feet of additional retail space. The borrower was 400 Claremont Urban Renewal LLC.