70% LTV Secured with $4.2 Million Refinance of Two North Jersey Retail Properties
A valued client sought to refinance two North Jersey retail buildings totaling approx. 30,000 SF to retire existing debt and recapture a portion of equity vested in both properties.
Progress Capital secured a $4,200,000 limited recourse permanent mortgage to refinance the aforementioned properties. The loan represents 70% LTV and is accompanied by a 4.60% interest rate fixed for 10 years and amortized over 25 years. The proceeds of the loan were used to retire existing debt and cash-out a significant amount of equity previously invested in both properties. The borrower intends to use the loan proceeds to fuel continued expansion of an already robust CRE portfolio.
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