Closed Loans

Hoboken, NJ

70% Land Acquisition Loan in 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:  

  1. Forty-five (45) day time of the essence closing
  2. Land without building approvals


SOLUTIONS:

  1. Knowledge of the client with financials on file
  2. Immediate access and trusted relationship with the appropriate lenders

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

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