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New York & Tri-State  + New Jersey  + Finance  | 
Progress Capital arranged $54.5 million in construction financing for the conversion of a long-vacant Newark, NJ hospital into an education facility

Progress Capital Lines Up Construction Debt for Newark School 

David May and Evan Boles of Progress Capital secured $54,500,000 in construction financing for the owners of a 179,100 square-foot educational facility at 155 Jefferson St., Newark, NJ. The property is the former site of the boarded-up St. James Hospital, which sat vacant for the past 15 years. Terms of the financing weren’t disclosed. 

The sponsors will be completing a gut renovation to the existing structure, along with an addition which will feature the newly built School of Architecture and Interior Design, another career-focused high school added to the Newark Public Schools roster. The specialized school will provide courses in architecture, computer-aided design and construction technology, as well as allow students to opt for the school’s traditional trade programs including plumbing, electrical, and HVAC. 

Situated in Newark’s Ironbound district, the project is a half-mile walk to Newark Penn Station and the commercial shops and restaurants of downtown Newark. 


Inside The Story

Progress Capital

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing