F inancial D igest featuring 1031 E xchange

M id A tlantic Real Estate Journal — March 19 - April 15, 2021 — 17A


ERSEY CITY. NJ — Progress Capital , a commercial real estate m o r t - Newly constructed nine-story, 159,861 s/f mixed-use building located at 136 Summit Ave. Progress Capital’s Domenico arranges $30M in financing for largest development in BergenHills J

building that once occupied the premises, was followed by a complete demolition of the site to accommodate a newly constructed nine-story, 159,861 s/f mixed-use building. However, once bedrock was un- covered within the foundation, construction was delayed until it could be rectified. Making History … Do- menico worked with Leumi Bank and secured a $30 million construction loan, allowing the borrower to complete the construction project, as well as recapture equity. Upon completion, the property will be deemed the largest development south of Montgomery Street in Bergen Hill. The mixed-use property will feature 99 luxury apart- ments, along with 2,240 s/f of ground level retail space and a 75-space parking garage. Amenities include modern lobby with 24-hour con-

cierge, state of the art secu- rity system, fully equipped fitness center with showers, residential lounge with con- ference room, outdoor sky garden & patio areas and storage units for residents. Additionally, the site is lo- cated just a mile away from the Journal Square shopping centers and subway station, serviced by the PATH trains. Since 1990, Progress Capi- tal has closed over $40 bil- lion in commercial loans and $150 million in directly funded bridge loans. As a commercial real estate advi- sory firm, we can advise you on any real estate invest- ment you are considering and provide the financing advice you need to manage through the commercial real estate acquisition and/ or financing process. We consistently get our clients to the closing table… plain and simple! MAREJ • Two 56,000 s/f industrial storage buildings in Kearny and Boonton • A class A light indus - trial flex building on 3.1 acres leased long term to a blue-chip tenant in Harrison • A fully renovated 85,000 s/f flex facility on 4.89 acres in Harrison • A retail fast food facility net leased to a credit tenant in Harrison • Three-acre parcel of land in Kearny • A mixed-use retail and outdoor storage facility in Brick Glenn Thomas , president of Pathway Capital said that, “We are very pleased to have ar- ranged this financing package for one of our top clients. The refinance of four existing prop - erties to acquire four additional properties will help the client meet customer demand and expand the company’s footprint in New Jersey.” MAREJ

gage adviso- ry company announced a $30 million construction loan closed b y P r o g - ress Capi - tal partner, Brad Domenico .

Brad Domenico

Brief History …In 2017, Do- menico arranged an acquisi- tion loan for New York-based Monticello Equities to pur- chase the property located at 136 Summit Ave. in Jersey City. A final farewell to the vacant Fairmount Hospital

136 Summit Ave. in Jersey City

Progress Capital opens new office at 999 Vanderbilt BeachRd., Naples, FL

NAPLES, FL — Progress Capital , a commercial real estate mortgage advisory

Pathway Capital Corp. arranges $73.5Million loan parking lot, in Harrison

c o m p a n y , announced today that the firm is expand i ng by opening a new office in Naples , Florida, in order to sup-

NYACK, NY — Pathway Capital Corp. , a financial advisory firm focused on ar -

ranging debt f i n a n c i n g , announc ed that it suc- c e s s f u l l y arranged a $73.5 million loan through M a d i s o n Realty Cap-

H. Wayne Griest

port the company’s acceler- ated business momentum. This new location is an ad- ditional service point to the firm’s current New York and New Jersey offices and will remain consistent with the company’s passionate, di- verse commitment in provid- ing a high level of customer service. The Naples, Florida office is now open and located at 999 Vanderbilt Beach Road, Suite 200, Naples, FL 34108. The new office will be headed by H. Wayne Griest, managing director of the firm. Mr. Gri - est is a 35-year bank veteran with an extensive commercial real estate background who has held numerous executive management roles, includ- ing most recently serving as Southwest Florida Market

Glenn Thomas

ital on a portfolio of eight properties across northern and central New Jersey. These include a large commuter parking lot in predevelopment, two industrial warehouses, two flex facilities, a mixed-use retail and storage facility, a retail fast food facility and an industrial vacant lot. Portfolio details are: • A 12.19-acre mixed-use predevelopment site totaling 2.68 million square feet desig- nated for residential, commer- cial, retail and self-storage, with a 1400-stall commuter

999 Vanderbilt Beach Road

President of Seaside National Bank & Trust. Progress Capital is a com- mercial real estate mortgage advisory company special- izing in arranging debt for

commercial real estate own- ers and developers since 1990, with over $40 Billion in closed loans and $150 Mil- lion of directly funded bridge loans. MAREJ

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