Kathy Anderson Arranges Construction to Permanent Loan for Long Island City Medical Office and Self-Storage Building
Kathy Anderson, Founding Partner of Progress Capital arranged construction and permanent financing for a valued client to complete a 12-story building with 23,000 SF of medical office space, 1,355 self-storage units and accompanying parking garage. Anderson secured a 24-month interest-only loan of $15,855,000 for the construction of the property with a floating rate of Prime + .50% with a floor of 5.25%. The construction period included one 12-month extension option.
Upon completion of the building, $17,000,000 was arranged to exit the interest-only construction loan period after 24 months convert to a permanent mortgage with the following terms:
- Prime + 2.75% with a floor of 4.875%
- Rate fixed for 10 years
- 25 Year Amortization
- 10 Year Term
- 55% Loan to Value at Completion/Stabilization
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
