$5.7 Million Acquisition Enhances Client Portfolio
Progress Capital’s team, led by Kathy Anderson, secured a $5,700,000 loan for a valued client to acquire a mixed-use building in Union City consisting of 55 apartments and six commercial/retail units, creating additional growth to their commercial real estate portfolio. The loan has a favorable 3.25% rate based on a 30 year amortization.
This acquisition was made possible in large part due to a recent refinance arranged by Progress Capital for the same client for $14,370,000 that included $3,500,000 cash out to invest in additional commercial real estate.
Progress Capital regularly analyzes their clients’ portfolios and provides advice on whether it makes economic sense to refinance at current low interest rates to ensure the bottom line for years to come. With interest rates at record lows, it is important for all commercial real estate owners to review their rate exposure before the next uptick.
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