$5.4 Million Bridge Loan | 82 Unit MF
Progress Capital recently closed a $5,400,000 bridge loan on an 82 unit multi-family property in East Orange, NJ.
The apartment building is vacant, gut renovated down to studs and without cash flow. The ownership decided to part ways and our client requested a loan to:
- buy-out his partner’s ownership percentage
- provide $1.4 Million to finish building renovation
Progress Capital negotiated a $5,400,000 buy-out/renovation bridge loan which accomplished the following two things:
- Our client was able to retain 100% ownership of the subject property
- Allowed for 100% of the hard costs needed to renovate the property
- 12-month term with two (2) six month extensions
- Interest Only
Once the renovations are completed, the Borrower and Progress will look to refinance the bridge loan with a conventional lender at the most favorable structure available.
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