Spencer Savings Bank Provides $5.23M Construction Loan For Mixed-Use Property In Jersey City

A mixed-use commercial property located at 170-174 Monticello Avenue in Jersey City, NJ, has recently secured a construction loan worth $5,230,000. The property spans 21,179 square feet and is owned by Zvi & Barry Septimus. The loan was provided by Spencer Savings Bank, and the transaction was facilitated by Brian Anderson and Eddie Miro of Progress Capital.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $5,230,000
• Address: 170-174 Monticello Avenue, Jersey City, NJ
• Market: Jersey City, NJ
• Square Footage: 21,179
• Lender: Spencer Savings Bank
• Landlord: Zvi & Barry Septimus
• Brokers: Brian Anderson & Eddie Miro - Progress Capital
• Loan Type: Construction

Brian Anderson and Eddie Miro of Progress Capital played a crucial role as brokers in securing the construction loan for the mixed-use property at 170-174 Monticello Avenue. The loan provided by Spencer Savings Bank will facilitate the development or renovation of the property to meet the specific needs of the project.