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Plainfield Apartments in TOD Zone Land Construction Financing
Brad Domenico and Eddie Miro of Progress Capital secured a $17,680,000 construction loan for Eyal Gagin and Abraham Gagin of West of Hudson Properties to develop a five-story mixed-use building at their recently purchased site located at 803 South Ave., Plainfield, NJ.
The lender, Trevian Capital, provided a three-year interest-only construction loan on a non-recourse basis at favorable terms.
“The dramatic uptick in redevelopment within Plainfield’s TOD community has brought tremendous opportunities to the area, while gaining significant corridor advantages associated with transit systems.” – said Domenico.
Since the property is situated in close proximity to the transit hub, the development project falls within Plainfield’s Transit Oriented Development Netherwood – South Avenue Redevelopment Plan, which was created in 2017 to revitalize an underutilized area. It’s located alongside NJ Transit’s Raritan Valley Line and within walking distance from Netherwood Train Station, which provides direct access to Manhattan.
- ◦Financing
