Closed Loans

$3 Million Refinance Secured for Passaic, NJ Mixed-Use Property

Kathy Anderson arranged $3,000,000 to refinance a mixed-use property located at 41-49 Central Avenue in Passaic, NJ.

Built in 1910, this 3-story property is situated on a .30-acre lot and measures approximately 28,000 SF. The building is a mixed-use property comprised of 12 residential units and 7 retail units. The residential apartments include (4) two-bedroom units, (6) one-bedroom units, and (2) three-bedroom units, while the ground floor houses 11,450 SF of retail space. Nearby surroundings include, residential housing, retail stores, restaurants, supermarkets and St. Mary’s General Hospital. Many major commuting outlets including Route 21, Route 46, Passaic Commuter Rail, and Garfield Commuter Rail are also in close proximity. Additionally, the Newark Liberty International Airport is just a 20-minute drive from the property.

Kathy worked with a NJ Spencer Savings Bank to negotiate the following key terms:

  • 7 Year Fixed with 5 Year Rate Reset
  • 3-2-1-0 Prepay
  • 30 Year Amortization
  • Non-Recourse

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

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