400 Claremont Avenue.

NEW YORK CITY-Tall Pines Capital has loaned $120million to the development The Element, a six-story apartment building located at 400Claremont Avenue in JerseyCity, New Jersey. The loan is split between an $84,000 constructionloan and $36,000 of equity. Kathy Anderson, a founding partner of commercialreal estate firm Progress Capital, arranged theloan. 

The Element will consist of 631units, 277 of them are slated for less than 500 square feet. Thetarget end users are millennials who want to trade square footagefor a transit oriented and amenity rich location.  TheElement is steps away from the West Side Light Rail Train Stop andwill provide two private shuttles to thePATH.  

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Mariah Brown

Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.