HOBOKEN, NJ - Prime City, a vertically integrated, private real estate company, has just closed on a $7.5 million construction loan for the development of a four-story, 31-unit apartment community in Long Branch, New Jersey. Manasquan Bank provided the 2- year floating rate loan. The project began demolition of the existing building in February and will host an official groundbreaking ceremony in April.
Located at 20 Third Avenue, the development will be built on a half-acre site, offering one-bedroom and one-bedroom plus den units averaging around 750 square feet. Amenities include an expansive common rooftop area with incredible views of the ocean. In addition, there will be 2,500 square feet of ground floor retail, where a portion is expected to serve as a community and cultural arts center paying homage to the property’s history as the original home of the Lincoln Can Manufacturing Co., and later the Shore Institute of Contemporary Arts (SICA).
“Long Branch is an extremely desirable submarket with significant demand for multifamily housing,” said Alexander McGee, Co-Founder of Prime City. “This loan propels the development forward while also demonstrating lender confidence in the track record and strength of Long Branch. We are grateful for the support we’ve received from the city, the community, and Manasquan Bank, and are excited to soon deliver a high-quality residential product.”
“We’re proud to support the establishment of Prime City within the Jersey Shore area and are eager to support a community that will be transformed by 20 Third Avenue, Long Branch project,” said Michael Carafa, VP, Commercial Lender. “Manasquan Bank’s relationship-centric approach means we’re not just financing a high-quality real estate project, but we look forward to potential new opportunities for years to come.”
20 Third Avenue is a short distance from Pier Village, a luxurious oceanfront dining and entertainment destination featuring esteemed restaurants and boutique shops. The iconic Jersey Shore town has been experiencing growing demand from residents and tourists alike given its idyllic beachfront location, culture, recreation, shopping, and walkability.
For more information, visit primecitycompanies.com