75% LTV Secured in Refinance of Two Newark, Owner Occupied, Mixed-Use Buildings
David Cappello, Vice President at Progress Capital, negotiated a $1,170,000 permanent mortgage to refinance the two mixed-use properties located 9 Warren and 59 Halsey Streets in Newark, NJ. The property at 9 Warren street is a owner-occupied 3-story mixed-use building with 2 residential units and 2 commercial units. The commercial units encompass the basement and 1st floors, with the basement being leased to Byte Realty,LLC, which is currently used as the borrowers management office. The subject property at 59 Halsey Street is a mixed-use building including 1 street level retail unit, currently leased to ‘the Green Chicpea’ restaurant, also owned by the borrower, and 4 residential units.
The $1.17 Million permanent mortgage has a 4.85% rate fixed for 5-years. The proceeds of the loan will be used by the borrower to retire the existing debt on the properties plus provide equity recapture to fuel continued renovations and acquisitions within the client’s real estate 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