Prime City, a Hoboken-based 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. The project began demolition of the existing building in February and will host an official groundbreaking ceremony in April.
Manasquan Bank provided the two-year floating-rate loan.
Located at 20 Third Ave., 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, half of which will be leased back to the city of Long Branch 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.
“Long Branch is an extremely desirable submarket with significant demand for multifamily
housing,” Alexander McGee, co-founder of Prime City, said. “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 the 20 Third Ave., Long Branch, project,” Michael Carafa, vice president and commercial lender with Manasquan Bank, said. “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 Ave. is a short distance from Pier Village, an oceanfront dining and
entertainment destination featuring 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.
