Closed Loans

$9.25 Million Secured for Refinance of Client’s Mixed-Use Portfolio in Hoboken, NJ

Kathy Anderson negotiated a total of $9,250,000 for the refinance of two mixed-use buildings located at 313 First Street and 313 Washington Street in Hoboken, NJ.

The property located at 313 First Street was originally constructed in 1916 as a bank branch. The property recently underwent renovations and consist of 12 residential units and 1,200 SF of commercial space complete with 11 parking spaces. Since the updates, the developer has sold 2 of the residential units to individual buyers along with 2 allocated parking spaces. The remaining 10 apartments consist of 2 studio units, 2 one-bedroom units and 6 two-bedroom units with a rentable area of 9,371 SF.

Kathy worked with TD Bank to provide the following key terms:

·         70% LTV

·         30 Year Amortization

·         SWAP breakage

Construction was recently completed on the property located at 313 Washington Street. The building features 7 residential units and 2,090 SF of retail preleased to Lululemon. The residential unit mix consists of (4) 2 bedroom/2-bathroom apartments, (1) 3 bedroom/2 bathroom unit, (1) 1 bedroom/2-bathroom units and (1) carriage house located behind the property. The property is located in close proximity to a number of parks including Sinatra Park and Stevens Park and provides easy access to numerous commuting outlets such as the Hoboken Ferry, Holland Tunnel, and Hoboken Terminal.

Kathy worked with TD Bank to provide the following key terms:

·         60% LTV

·         30 Year Amortization

·         SWAP breakage

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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