Closed Loans

$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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