Progress Capital secured a $30 million construction loan that will fund the addition of 155 housing units along Communipaw Avenue in Jersey City.

The Tinton Falls-based commercial real estate advisory firm recently announced arranging the financing on behalf of West of Hudson Properties for the six-story, 133,333-square-foot multifamily development, which is also set to include three commercial units, located at 859-869 Communipaw Ave.

Progress Capital partner Brad Domenico worked with Eric Regenbogen of Arbor Commercial Mortgage to secure the non-recourse construction loan.

“I’m thrilled to have played a pivotal role in arranging the financing for this groundbreaking project, which will not only contribute to the growth and vitality of Jersey City, but also introduces a new level of refinement and convenience to its growing multifamily housing market,” Domenico said.

According to Progress Capital, the property will offer luxury amenities including a gym, lounge area, animated kids’ club, coworking space, a secure bicycle room and more. When the project was approved by the city’s Planning Board in 2021, it was reported that 10% of the units would be set aside as affordable.

The project is bolstered by its strategic positioning as a transit-oriented development, located near public transportation options including the Journal Square PATH station. The surrounding area also offers retail shops and restaurants as well as nightlife options, and more.

Progress Capital described the project as “the ideal choice for urban professionals.”

Based in Hackensack, West of Hudson is a real estate and property management company specializing in the multifamily sector. The company got its start in 2012, after acquiring five Jersey City properties.