Arbor Commercial Mortgage Provides $30M Construction Loan on Jersey City Apartments
Developers Avi Gagin and Eyal Gagin have sealed $30 million of construction financing to build a multifamily property in Jersey City, N.J., Commercial Observer has learned.
Arbor Commercial Mortgage, a real estate investment trust associated with Arbor Realty Trust (ABR), supplied the nonrecourse loan for the developer’s planned 155-unit project at 859-869 Communipaw Avenue. The six-story development is slated for completion in the second half of 2024.
The deal was originated by Eric Regenbogen, vice president at Arbor, while Progress Capital’s Brad Domenico arranged the transaction.
Domenico said in a statement that the project will “contribute to the growth and vitality of Jersey City” and “introduces a new level of refinement and convenience to its growing multifamily housing market.”
The development will be just south of Lincoln Park and close to Jersey City’s Journal Square PATH station. Community amenities will include a gym, a kids’ club, coworking spaces and a bike room.
The Gagins and officials at Arbor did not immediately return requests for comment.
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