A redevelopment project in Union County’s Roselle Park secured construction funding to transform the former site of H&H Building Supply into a mixed-use property.

Progress Capital founding partner Kathy Anderson and financial analyst Caillin Boles arranged the $14.95 million loan on behalf of Woodbridge-based The Kontos Group, the developer/owner behind Hunter Lofts, the Tinton Falls-based commercial real estate advisory announced March 6.

The funding was provided by Columbia Bank. According to Progress Capital, it carries a 36-month interest-only period with a 10-year permanent conversion option.

Kontos Construction Ltd. serves as general contractor for the project, which broke ground Feb. 25 at 140 W. Webster Ave., and is aiming to complete the work in 24-36 months.

Hunter Lofts will feature 57 residential units and 4,000 square feet of commercial space. Fifty-one of the units will be market rate; the remaining six will be affordable, with half marketed with a preference to U.S. military veterans.

The property sits on just over an acre near Roselle Park High School and the Locust Street entrance to the town’s train station, which offers service to Manhattan on NJ Transit’s Raritan Valley line.

Since 1990, Progress Capital said it has closed more than $40 billion in commercial loans and $150 million in directly funded bridge loans.

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