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Progress Capital Secures $68.5M for Final Phase of Condo Tower in Jersey City

Gulls-Cove-Jersey-City-NJ

The final phase of Gull’s Cove in Jersey City, N.J., will feature 107 condo units and connect to the 331-unit first phase of the development. (Rendering Credit: Marchetto Higgins Stieve Architects)

JERSEY CITY, N.J. — Progress Capital Advisors has arranged a $68.5 million construction loan for the final phase of Gull’s Cove, a nine-story condominium tower located in Jersey City’s Liberty Harbor North redevelopment area. Slated for completion in late 2017, Gull’s Cove II will feature 107 condo units in a mix of one-, two- and three-bedroom layouts ranging in size from 678 to 2,170 square feet. The new building is connected to the 331-unit first phase by ground-level retail spaces. On-site amenities include 24/7 concierge, fitness center, community room, common outdoor patio and covered on-site parking. In 2004, Progress Capital also arranged the initial $81 million loan for the construction of the development’s first phase. Kathy Anderson of Progress Capital arranged the financing for the undisclosed borrower.

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