Progress Capital Arranges $6.6M Refinance at 2.54%

Newark, NJ –  Kathy Anderson secured a $6,600,000 loan to replace a construction loan for 60 Elm Street, Newark, NJ.

The Borrower purchased the site to develop an 8-story luxury apartment building containing 30 units and 18 covered parking spaces.  The building’s unit mix consists of (6) duplex units, (2) one‐bedroom units and (22) two‐bedroom units. Features include balconies, sky-high industrial cement ceilings, washer/dryer and stone countertops with stainless steel appliances.  Amenities include a secure fob key access security system, concierge, bike storage, indoor parking and an outdoor roof-top kitchen complete with lounge and terrace.

Key Terms Include:

• $6,600,000
• 2.54%
• 10 Year Fixed
• 30 Year Amortization
• Recently Stabilized (less than 30 days)

The property is located in the Ironbound District of Newark.  Its immediate surroundings include other residential properties, retail stores, restaurants, University Hospital, the Prudential Center, Independence Park and Lincoln Park.  Additionally, the property’s location provides easy access to a number of commuting outlets such as Route 21, Interstate 78 and is just blocks away from Newark Penn Station.