$4,320,000 Secured for New Multifamily Construction on Hope Avenue in Passaic
Kathy Anderson secured $4,320,000 for a client to finance the land acquisition and subsequent construction of a 4-story multifamily building on the adjacent lots located at 224 & 230-232 Hope Avenue in Passaic, NJ. The newly constructed building, ‘Casa Bella,’ will include 40 residential units including (5) 1-bedroom units and (35) 2-bedroom units. Construction is scheduled to begin immediately, continue for the next 12-months and is expected to be completed in the second quarter of the upcoming year.
Anderson negotiated a 36 month interest-only loan floating at one-month LIBOR + 310 bps. The loan represents 75% LTC and a 68% loan to stabilized value. The borrower may repay the loan in full at anytime without penalty.
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