3.25% Fixed Rate for Cliffside Park, NJ Apartment Building
Progress Capital arranged a $3,829,000 loan for the purchase of a four story multi-family building in Cliffside Park, NJ. Comprised of 18 apartments and 36 covered parking spaces, the building is located just blocks from Anderson Avenue, the downtown shopping hub.
“Since the borrower plans to refurbish the building and increase rents, initial fixed rate term and prepayment flexibility was crucial to the business plan,” said Brad Domenico.
The bank was very flexible working through a customized loan experience with us. The following were key terms of the loan:
- 3.25% Fixed for 3 Years
- Pre-locked rate adjustments for Years 4-10
- 30 Year Term
- 30 Year Amortization
- Flexible 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