NEW JERSEY—Progress Realty Advisors’ Kathy Anderson has secured $12.3 million to finance the redevelopment of the former Maidenform factory in Bayonne, N.J. The former factory is undergoing construction to transform it to an 84-unit loft-style apartment building called The Silklofts.

Located on 18th Street and Avenue E, the property is within walking distance to public transportation.

Doug Stern is serving as project developer and plans to marry modern upgrades with the property’s historic roots, such as leaving exposed brick and beams, reopening windows arches and displaying Maidenform photographs and memorabilia.

Upon completion, The Silklofts will offer a mix of studio, one- and two-bedroom residences and include an onsite gym and parking. A courtyard, barbeque area, trees and patio are also planned. Stern also plans to pursue LEED certification.

“We want to honor the historical site of the building, both what it meant to the town and its people,” Stern said. “This building has more potential than any other site in Bayonne. There are very few buildings like it, with 12-ft. ceilings and huge windows that let in lots of light.”