Kathy Anderson Negotiates 80% LTV for Refinance of Branchburg Office Building
Managing Partner of Progress Capital, Kathy Anderson, secured $1,900,000 to refinance the office building at 35 Columbia Avenue in Branchburg, NJ. The undisclosed borrower, purchased the property in 2010 for $1,100,000 while it was subject to NNN lease terms with Arcadis-US which ceased in 2016. A new lease with NNN terms was executed with Ace American Insurance Company, aka CHUBB, for the entire 15,000 sf space beginning 6/1/2018.
Anderson negotiated 80% LTV arranging a $1,900,000 commercial real estate mortgage accompanied by a 5-year fixed-rate at 5% resetting at FHLBNY + 2% with a floor of 5%. The loan is for a term of 10-years based on 25-year amortization schedule with no prepayment penalty. $690,000 will be used to retire the existing debt on the property while the remaining proceeds of the loan will be used by the borrower to fuel continued portfolio expansion in the NJ office sector.
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