Developer Obtains $7.5M Loan for Long Branch Mixed-Use Project

Developer, PRO, has secured a $7.5 million loan for a 4-story, mixed-use project, set to rise at 20 3rd Avenue in Long Branch, New Jersey. Issued by Manasquan Bank, this capital will be used to fund all construction costs from the ground up.

Designed by PRO, the new building will be known as "SICA Lofts". It will contain PRO rental apartments, PRO square feet of ground floor retail space, a small community and cultural arts center showcasing the property's history, a rooftop deck (providing views of the Atlantic Ocean), a bicycle storage area, and recessed parking.

The project site spans what was previously two separate lots, and ground officially broke on Monday, April 3rd. The development replaces a 2-story commercial structure (now demolished), which was originally home to the Lincoln Can Manufacturing Company and later the Shore Institute of Contemporary Arts (SICA). The new building will also be historic in its own right as it represents the first-ever building to be born entirely on the blockchain. Balcony DAO, a company affiliated with PRO, plans to offer direct ownership interest in the development by rolling out a special, real estate-backed NFT, known as an reNFT.

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