Progress Capital Arranges $16 Million in Refinancing for Jersey City’s Sevilla Apartments
Brad Domenico of Progress Capital pulls off a streamlined closing by securing $16,225,000 in refinancing for Tuli Realty, owner of The Sevilla, a 117-unit apartment building with 10 retail spaces at 2801 John F. Kennedy Blvd., Jersey City, NJ.
The increasing volatility within the rate environment, prompted Brad to work closely with Arbor to leverage Fannie Mae’s Streamlined Rate Lock Program or “SRL”. By locking in the interest rate weeks in advance, Brad was able to secure the most favorable terms for his client, which included a sub-market 10-year full-term I/O rate.
The Sevilla features a Spanish architectural influence, making it one of the many classic styled multi-family residential buildings in the Journal Square area. The property is a few miles from Historic Downtown Jersey City and Manhattan, situated in the city’s desirable residential section, primary business districts and transportation hub – this a centrally-located commercial and residential neighborhood that keeps on growing.
Progress Capital was established in 1990 and has closed over $40 Billion in commercial loans and $150 Million in directly funded bridge loans. As a commercial real estate mortgage advisory firm, we can advise you on any real estate investment you are considering and provide the financing advice you need to manage through the commercial real estate acquisition and/or financing process.