$3.6 Million Land Loan Fixed at 5% for 2 years

Progress Capital secured a $3,600,000 land loan for a mixed-use property located at the corner of Hoboken and Central Avenue. The client received an interest-only loan for the unapproved assemblage that was fixed at 5% for two years.

The 42,000 SF parcel is comprised of a vacant lot adjacent to a second lot with two industrial/warehouse buildings. The borrower intends to raze the existing buildings and develop the site with a 22 story multi-family building containing 119 units as well as on-site garage parking.

“We were able to secure the two year loan on this assemblage which gave the client time to secure approvals and strategize the best use of the property,” said Brad Domenico.

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