4.35% Fixed for 5-Years for $21 Million Refinance of Jersey City Multifamily Portfolio
Kathy Anderson, Founding Partner of Progress Capital, secured $21,000,000 to refinance 11 multifamily buildings in Jersey City, NJ.
Jersey City is the second most populous city in the state of New Jersey, after Newark. The 11 properties span the city from the southwest area of Greenville to the northern Heights area close to Washington Square Park. The $21,000,000 CRE Mortgage represents an 80% LTV and includes a 20-year term based on a 30-year amortization. Anderson negotiated a 5-year fixed-rate at 4.35% with a 12-month interest only period with rate resets. The non-recourse loan also includes a step down prepay.
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