Real Estate Journal — Owners, Developers & Managers — March 30 - April 12, 2018 — 5B
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O wners , D evelopers &M anagers Secured for Long Branchmixed-use new construction Progress Capital’s Domenico arranges $9M in financing L
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ONG BRANCH, NJ — The downtown area is seeing a surge of commercial real estate activity now that the wa- terfront has b e e n c om- p l e t e l y re - stored and re-positioned with further expansion underway at Pier Village. With Asbury Park’s revital- ization several miles south, developers began eyeing Long Branch’s underutilized down- town. To aid in the redevelop- ment, the local government was able to secure the right to demolish buildings thus open- ing the door for a flurry of new construction projects designed at redefining the city. One such project is the construc- tion of a 5-story 46-unit multi- family building, known as ‘The Transit Village,’ to be added to the existing single-story commercial retail asset at 231 Third Avenue. Construction of the multifamily building is slated to be completed by the end of 2019. Progress Capital’s Brad Domenico arranged financ- ing for the acquisition of the existing commercial structure and approved development project, negotiating a $9 mil- lion construction to permanent mortgage loan with 24 months interest-only at a floating Brad Domenico St. John Properties promotes Severn to director of dev. FREDERICK, MD — St. John Properties, Inc. has promoted Danny Severn to d i r e c t o r o f development - VA and Cen- tral MD re- gion. Severn, who was pre- viously direc- tor of leas- ing - VA and Central MD, has worked with the company since 2009. In his new role, he will be responsible for day-to-day development responsibilities which includes directing the entitlement efforts for ground- up construction activities and working with local jurisdictions to obtain necessary approvals and permits. n Danny Severn
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rate of LIBOR + 3.5%. The borrower will have the op- tion to convert the loan to a permanent mortgage upon stabilization. The permanent loan will be accompanied by a rate of 5 Yr. FHLBNY + 225 BPS, 10 Year Term, 30 year
amortization and declining prepay schedule. Progress Capital Advisors loan programs include Fixed Rate Loans, Construction and Specialty Financing as well as Directly Funded Bridge Loans. n
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