75% LTV on Jersey City Multifamily Acquisition

$2,793,000 was arranged for a valued client of Kathy Anderson’s to acquire a multifamily asset in the Historic Downtown District of Jersey City. Built in 1898, the loan is secured by a 5-story brick faced walk-up building with 12 one-bedroom and 10 two-bedroom units. The borrower intends to completely renovate 4 units each year, allowing the borrower to gradually return each unit to full market value over a five-year period.

Key terms of this loan include:

• 3.74% Fixed for 5 Years with resets
• 12 Months I/O
• 30 Year Term / 30 Year Amortization
• 75% LTV
• Sub 1.25X DCR at closing
• 3-2-2-1-1-0 Prepay
• 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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