$1.8MM Secured for Client to Refinance and Cash-Out Equity on Mixed Use Building
A client of Progress Capital added a 23-unit mixed-use building in Passaic, NJ to their CRE portfolio. Upon acquisition of the subject property, the client completely renovated the building; updating common areas, all 20 residential units and three ground level retail spaces. The client was then able to stabilize the ground floor retail spaces with three long term tenant leases. After repositioning the asset and substantially increasing the cash flow, the client engaged Progress Capital to refinance his existing debt and recapture equity.
Progress Capital was able to secure a $1,825,000 permanent loan, representing a 76% LTV, allowing the client to fully cash-out his equity invested into the property while locking in a fixed rate. Additional terms of this loan include:
- 3.91% Fixed for 5 Years
- 20 Year Term
- 30 Year Amortization
- Declining Pre-Pay
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