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.
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 GlobeSt.com 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).
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