$30M Loan Secured and Construction Continues on Largest Development in Bergen Hill, Jersey City

136 Summit Avenue Bergen Hill Jersey City
Construction continues on the largest development to date south of Montgomery Street at 136 Summit Avenue in Bergen Hill, Jersey City. Photo courtesy Progress Capital.

Progress Capital secured $30 million in additional financing for the largest development to date south of Montgomery Street in Bergen Hill, Jersey City, according to a recent press release. Located at 136 Summit Avenue, the mixed-use building will rise nine stories and total 159,861 square feet. Brad Domenico, a partner with Progress Capital, arranged the original acquisition loan in 2017, as well as the recent construction loan.

New York-based Monticello Equities is the developer behind the project on the site of the former Fairmount Hospital. After the demolition of the premises, bedrock was discovered and construction was delayed. Progress Capital’s Brad Domenico worked with Leumi Bank to secure the $30 million loan in order for Monticello Equities to complete the project and recapture equity.

The building will feature 99 apartments, 2,240 square feet of ground-floor retail space, a 75-space parking garage, and modern residential amenities, as well as proximity to Journal Square.

Progress Capital is a real estate advisory firm founded in 1990 and has secured over $40 billion in construction loans and $150 million in directly funded bridge loans.


Have something to add to this story? Email [email protected].

Click here to sign up for Jersey Digs' free emails and news alerts. Stay up-to-date by following Jersey Digs on Twitter and Instagram, and liking us on Facebook.

No posts to display