$7.6 Million Refinancing Arranged for Industrial Complex in Kearny
Kathy Anderson of Progress Capital secured a loan amount of $7,600,000 to refinance an industrial warehouse distribution facility located at 76-104 Third Avenue in Kearny, NJ.
Kathy arranged an acquisition loan for the Borrower in 2018 when the property was more than 50% vacant. Since then, the commercial property has been renovated and is now 100% occupied. The 95,650 square foot property has eight tenants on 5.4 acres which allows for an abundance of outdoor parking and storage, which is in high demand today.
This complex is ideally located only 10 miles from New York City, 2 miles from Route 280, with proximity to Port Newark and Port Elizabeth, as well as easy access to the NJ Turnpike, Newark International Airport and the Meadowlands region.
Since 1990, Progress Capital has closed over $40 Billion in commercial loans and $150 Million in directly funded bridge loans. As a commercial real estate advisory firm, we can advise you on any real estate investment you are considering and provide the financing advice you need to manage through the commercial real estate acquisition and/or financing process. We consistently get our clients to the closing table… plain and simple!