Closed Loans

Kathy Anderson Secures $4,430,000 for Irvington Medical Office Refinance and Land Acquisition

Managing Partner of Progress Capital, Kathy Anderson, secured a $4,430,000 permanent mortgage to refinance the medical office buildings at 40 and 50 Union Avenue, Irvington, as well as acquire the land upon which 50 Union Avenue resides (currently subject to a ground-lease).

40 Union Avenue is a 4-story, 12-unit, 19,982 sf medical office building built in 1962. The adjacent property, 50 Union Avenue, is an 8-story medical office building with 50,638 sf divided into 41-units built in 1969. Currently subject to a ground lease, the borrower will use $1,500,000 of the proceeds of the loan to acquire the land at 50 Union Ave and own the property outright.

Key Terms of the Loan Include:

  • $4,430,000 Loan Amount
  • 4.5% Fixed for 5 Yrs.
  • Rate Reset at 5 Yrs.
  • 10-Year Term
  • 25-Year Amortization
  • 3-2-2-1-1 Prepay
  • Limited Recourse

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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