Progress Capital arranges $19M construction loan for multifamily hi-rise

The Modern is set for East Orange's former Blood Center of New Jersey building

Linda Lindner//August 2, 2021//

Progress Capital arranges $19M construction loan for multifamily hi-rise

The Modern is set for East Orange's former Blood Center of New Jersey building

Linda Lindner//August 2, 2021//

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A complete transformation is underway for 45 S. Grove St. in .

The former site of the Blood Center of New Jersey, which closed its doors in 2014 after 70 years serving Essex County, will be improved with The Modern, a brand new five-story, 119-unit residential development that will make a significant contribution in revitalizing the city.

Brad Domenico of Progress Capital secured $19,540,000 in financing for Dennis McNeil, developer and principal of Hero Construction, a development firm known for constructing, converting and renovating more than 1,000 luxury units in New Jersey. Metropolitan Bank provided favorable terms including an 18-month interest only construction loan.

The new building features a lobby area and parking garage on the first floor, while the residential units occupy the four levels located directly above. The unit mix is comprised of four studio lofts, 48 one-bedroom units and 67 two-bedroom units ranging in size from 706 square feet to 1,376 square feet.

Each apartment includes spacious floor plans with floor-to-ceiling windows allowing for ample natural light, as well as contemporary kitchens with stainless-steel appliances.

The property is just a few blocks from Central Avenue, a major retail area and one of the main thoroughfares of East Orange.

Nearby conveniences include Sussex Plaza Shopping Center, Central Avenue Plaza and Strip Center, East Orange General Hospital and numerous recreational facilities including Newark Museum, Dreyfuss Planetarium, and Edison National Historic Site. Additionally, New Jersey Institute of Technology, Rutgers, The State University of New Jersey and Essex County College are less than 2 miles away.