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Progress Capital Secures $20M Financing for East Orange Apartments
A complete transformation is underway for 45 S. Grove St. in East Orange, NJ, the former site of the Blood Center of New Jersey which closed its doors in 2014. The site will be improved with The Modern, a five-story, 119-unit residential development from Hero Construction.
Brad Domenico of Progress Capital secured $19,540,000 in financing for Dennis McNeil, developer and principal of Hero Construction, a development firm that has constructed, converted and renovated more than 1,000 luxury units across New Jersey. Metropolitan Bank provided favorable terms including an 18-month interest only construction loan.
The new transaction follows another that was arranged by Progress Capital in East Orange last month. In that deal, the firm arranged a $53-million refinancing for Lotus 315, an eight-story, Class-A luxury mixed-use building located at 315 S. Harrison St.
- ◦Financing

