$1MM for Acquisition of Three Empty Hoboken Lots
It’s not often that undeveloped lots are available for purchase in urban cities. So when three adjacent lots in Hoboken became available for development, Southwest Holdings LLC turned to Progress Capital to secure acquisition financing with favorable terms. The lots, located at 711-713 & 715 First Street, will be assembled to form one contiguous lot totaling 5,168 SF.
The borrower will be securing approvals for the new construction of a mixed-use multi-family development comprised of 7-8 residential units with street level retail.
The plans are considered ‘as of right’ within the R-3 Zoning District of Hoboken and will not require the application for a variance.
Terms of this loan include:
• Interest Only
• Prime + 1.5%
• 2 Year Term
• 1% Exit Fee
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