$20 Million Loan Locked at 3.25% for Multifamily Portfolio
The owner of 147 units within six buildings in the ‘Heights’ section of Jersey City scored a $20,320,000 loan to refinance an existing mortgage with cash out to further expand the portfolio. Kathy Anderson and Caillin Boles of Progress Capital arranged a 5-Year fixed rate at 3.25% with a 12-month interest only period based on a 30-year amortization. The non-recourse loan also includes a declining prepay.
With a redeveloped waterfront, close proximity to Manhattan and one of the largest downtowns in the nation, it comes as no surprise that Jersey City has become one of the hottest places to live. The gentrification and improved neighborhoods have raised the city’s standard of living, such that Jersey City is now the second largest city in the state, due to the influx of young professionals and small families.
If it seems like Jersey City is being taken over by former New Yorkers, that’s because it has! For the most part, New Yorkers typically relocate within the New York area, but when it comes to moving out of state, New Jersey ranks as the top choice, followed by Philadelphia, Connecticut and Florida. A combination of its walkable conveniences similar to NYC lifestyle and glass high-rise towers that mimic the Manhattan skyline is what lures these NYC transplants to Jersey City, the second-most populous city in the state of New Jersey.
Progress Capital is a leading commercial real estate mortgage advisory firm that has closed over $40 billion in loans and $150 million in directly funded bridge loans. Since 1990, the firm has been advising clients on real estate investments and loan financing needed to manage through the commercial real estate acquisition and/or funding process.