$2.9 Million Secured for Refinance of NJ Mixed-Use Property
Kathy Anderson arranged $2,900,000 for a valued client to refinance a mixed-use property located at 1926-1936 Long Hill Road in Long Hill, NJ.
The building is 9,100 SF, two-stories and consists of 5 commercial units and 5 residential units. The loan will be used to perform construction of an 850+ SF second floor addition which will add 2 residential units and 1 commercial unit. Parking is ample with 30+ spots available.
The township of Long Hill is situated in the southeast portion of Morris County bordering Union County and Somerset County.
Kathy worked with Metuchen Savings Bank to negotiate a 12-month Interest-Only Period with a Fixed Rate of 4.25% for 5 Years. The loan represents a 75% loan to value ratio.
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