$3,000,000 Secured for Refinance of Three Mixed-Use Buildings in Paterson, NJ
At Progress Capital we not only arrange financing for our clients, but we advise them on how to best leverage their existing assets to facilitate continued portfolio expansion. To that end, partner, Brad Domenico, negotiated the refinance of a client’s 3 building mixed-use portfolio in Paterson, NJ in order to retire existing debt on the individual properties, recapture vested equity and consolidate his financing on the three properties into one commercial real estate loan.
Domenico negotiated a $3,000,000 loan secured by the three properties located at 317-12th Avenue, 132-134 North Main Street and 257-261 Rosa Parks Boulevard. 317-12th avenue is 3-story mixed-use building with (5) two-bedroom residential units and (1) street level retail space currently occupied by a ‘Mini Market’ grocer. The second property, located at 132-134 North Main Street, is a three-story mixed-use multifamily property with (5) two-bedroom residential units and a ground floor retail currently a deli/restaurant. The third property rounding out the portfolio is the largest of the three with (4) one-bedroom units, (15) two-bedroom units and 6 street-level retail units.
This loan represents 75% of the total appraised value of the three buildings. Additional key terms of this loan include:
- 4.75% Fixed for 5 Years
- Rate Reset at UST+ 275bps w/ floor of 4.375%
- 5-4-3-2-1 Prepayment Schedule
- No PPP in Last 90 Days of Years 5 & 10
- 10 Year Term
- 25 Year Amortization
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