$2.6 Million Construction Loan Secured for Hoboken, NJ Condo Project
Kathy Anderson arranged a $2,600,000 construction loan for a mixed-use building located at 318 Madison Street in Hoboken, NJ.
The 2,500 SF property includes a vacant 2-family dwelling and a ground-level commercial storefront, previously served as home to “Biggie’s Clam Bar”. The subject property is conveniently located less than 15 miles from Newark Liberty International Airport, La Guardia Airport. and is within walking distance of subway stations and the commuter rail. Future plans for the site include a complete demolition of the existing structure to make way for a new five-story building composed of a modern brick façade in keeping with the surrounding neighborhood. The new building will have an elevator to access the residential portion of the building while an 852 SF retail storefront will occupy the ground level.
Kathy worked with Enterprise Bank to negotiate the following key terms:
- 75% LTV
- 70% LTC
- 18 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