Progress Capital Arranges $2.4 Million in Refinancing for Mixed-Use Properties in McGinley Square
Brian Anderson and Eddie Miro of Progress Capital secured $2,400,000 in refinancing for two properties located at the corner of Monticello and Jewett Avenue in Jersey City, NJ.
Both Brian and Eddie worked with Spencer Savings Bank who provided the following terms:
- $2,400,000 loan
- 3.5% Fixed for 5 Years
- 70% LTV
- 30 Year Amortization
The properties consist of two three-story buildings comprised of 11 residential units and 4 commercial units. The unit mix is made up of (6) two-bedroom apartments, (2) one-bedroom apartments, (1) three-bedroom apartment and (4) retail storefronts located beneath the residential units.
The buildings were purchased in 2016 and underwent a full transformation. Exterior renovations include new facades, new retail cages and a fully redone rear patio. The majority of the residential units have been updated to include in-unit washers/dryers, hardwood flooring, cherry-wood kitchen cabinetry with granite countertops and stainless-steel appliances.
The borrower will utilize the proceeds to regain his capital injected into the deal and acquire new real estate after cashing out.
McGinley Square is located in the heart of Jersey City with city houses, small businesses, diverse eateries, and large franchises. The neighborhood buzzes with commuters on their way to work, students heading to class, and locals running daily errands. Locals can enjoy proximity to New York City and Downtown Jersey City while enjoying a more affordable cost of living.
Progress Capital is a commercial mortgage advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. With over 30 years of experience, we continually prove our value to our clients by securing the best capital options available in the market.