Hoboken, NJ
When a long-term client reached out to Progress Capital with a demanding set of circumstances, they were able to find the solutions.
CHALLENGES:
- Forty-five (45) day time of the essence closing
- Land without building approvals
SOLUTIONS:
- Knowledge of the client with financials on file
- Immediate access and trusted relationship with the appropriate lenders
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THE OUTCOME:
Progress Capital arranged a 70% land acquisition loan, without the requisite approvals and a construction loan for the building subject to approvals. The Bank provided a permanent conversion option should the client decide to convert with the same Bank.
The client now has an incredible opportunity to redevelop a parking lot into 30 luxury rental units with a 46 unit parking garage and a retail space in one of Jersey’s highest sought after cities, Hoboken.
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
