David May and Evan Boles of Capital of Progress secured $54,500,000 in construction financing for the owners of a 179,100 square foot state-of-the-art educational facility located at 155 Jefferson Street, Newark, NJ.

The property is the former site of the condemned St. James’s Hospital, which sat like a vacant eye sore for
the last 15 years. The sponsors will complete a complete renovation of the existing structure, plus
an addition to the structure which will include the new School of Architecture and Interior Design,
another career-oriented high school added to the list of public schools in Newark. The specialized school
will offer courses in architecture, computer-aided design and construction technology, as well as
allow students to opt into the school’s traditional trades programs, including plumbing, electrical and
HVAC.

Located in the Ironbound neighborhood of Newark, which is surrounded by four academic institutions
including Rutgers University (Newark Campus), New Jersey Institute of Technology (NJIT), New
Jersey Medical School (Rutgers) and Essex County College, all within walking distance
building. Location is adjacent to Elm Street and Lafayette Street, which is a ½ mile walk to Penn Station
and all the shops and restaurants in downtown Newark.

Capital of Progressa commercial real estate mortgage advisory firm specializing in arranging debt financing
for commercial real estate owners and developers. Founded in 1990, Progress Capital has closed over
$40 billion in commercial loans with $150 million in bridge loans funded directly.

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