Kathy Anderson Arranges Permanent Funding for Senate Place
After arranging a $27.5 Million loan in 2015 for the construction of 25 Senate Place, a Jersey City residential/retail concept, Kathy Anderson of Progress Capital organized the Borrower’s conversion to a $66 Million permanent loan in November 2016.
Some of the challenges were:
a) a closing in less than 45 days due to a post-election rising rate environment;
b) a fully funded loan at closing without operational history
c) fully leveraged proceeds to repay investor equity including preferred returns for the sponsor to realize his promote.
“Kathy Anderson and her organization were instrumental in contributing to the overall success of this project,” stated Art Johnson, Managing Partner. “The amount and structure of both the construction and permanent loan allowed us to far surpass our initial financial projections.” – Borrower
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