$7,250,000 Jersey City Refinance Nets $2,200,000 Cash-Out to Borrower
Brad Domenico of Progress Capital arranged $7,250,000 for a client to refinance his apartment building in Jersey City. The newly renovated and stabilized 42-unit apartment building is located in the historic downtown area just one block from both Journal Square and the PATH station.
The borrower sought to a) lock in a lower long-term rate and b) recapture equity to fund future commercial real estate transactions. Domenico was able to secure a 75% LTV allowing the borrower to net $2,200,000 cash out.
Additional Key terms of this loan include:
- 3.875% Fixed for 7 Years
- 7 Year Term
- 30 Year Amortization
- 75% LTV
- Declining Pre-Pay
- Non-Recourse
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
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