$1.5 Million Refinance Secured for Two Mixed-Use Properties in Lambertville, NJ
Kathy Anderson negotiated $1,500,000 to refinance two mixed-use buildings located at 39-41 Bridge Street in Lambertville, NJ.
The first property is located at 39 Bridge Street and is situated on a 2,474 SF lot. The building’s first and second floor encompass 5,100 SF of office space with a total of 4 units. While the 150 SF ground level is comprised of 1 retail space allocated to Bank of America ATM with a lease already in place.
The second building located at 41 Bridge Street sits on a 0.07‐acre lot and is 2,800 SF. The top two levels contain 2 residential apartments on each floor with 1 retail unit on the ground floor. The retail space is currently occupied by JM Podiatry Associates and is leased on a month-to-month basis. The borrower intends to utilize loan proceeds to renovate all four apartments. Improvements will include a fresh coat of paint, upgraded kitchens and baths, as well as new floors and new air condition units.
The properties are situated right on the main street with all the Lambertville stores and other downtown amenities. Additionally, numerous commuting outlets including Route 22, 29, and 179 are in close proximity.
Kathy worked with Haven Savings Bank to provide the following key terms:
- 75% LTV
- 25 Year Amortization
- 12 Month I/O
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress