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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.
- ◦Financing
