A 155-unit multifamily development site in Jersey City, located at 859-869 Communipaw Avenue, has secured a $30 million construction loan from Arbor Commercial Mortgage. The project is being developed by West of Hudson Properties and is expected to be completed in the second half of 2024. Situated near Lincoln Park and the Journal Square PATH station, the development will offer amenities such as a gym, kids' club, coworking spaces, and a bike room.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $30,000,000
• Lender: Arbor Realty Trust - Eric Regenbogen
• Landlord: West of Hudson Properties - Avi Gagin and Eyal Gagin
• Broker: Brad Domenico - Progress Capital
• Loan Type: Construction Loan
• Loan Terms: nonrecourse loan

Arbor Commercial Mortgage, represented by Eric Regenbogen, provided the $30 million construction loan for the 155-unit multifamily development in Jersey City. The developers, Avi Gagin and Eyal Gagin of West of Hudson Properties, will oversee the completion of the project, which is expected to feature a range of amenities and be completed by the second half of 2024. Brad Domenico of Progress Capital represented the borrower in this transaction.