Progress Capital Arranges $2.5 Million Refinance for Multifamily Building in Jersey City
Brian Anderson of Progress Capital secured financing for a 25-unit multifamily building located at 2005 JFK Boulevard, Jersey City, NJ with the following terms:
- $2,500,000 Loan
- 3.5% Fixed for 3 Years
- 2 Years Interest Only
- 75% LTV
- 30 Year Amortization
The financing was structured as an A and B piece loan. The sponsor is currently renovating 4 units. On the day of closing, the sponsor was funded the A piece loan for $1,900,000. Upon finishing the renovation of 4 units and reaching a 1.35 DSCR, the bank will fund the B piece of the loan for an additional $600,000. This provided the client the ability to capture the new value they’re creating without having to do a modification.
The building is a 4-story walkup with 25 units, consisting of (4) studios, (16) one-bedroom units and (5) two-bedroom units. Recent renovations to the units include hardwood floors, eat-in kitchen boasting new stainless-steel appliances and granite countertops. In addition to collecting rent from the residential units, the owner also receives income from the cell tower located at the top of the building, which is leased to T-Mobile.
The property is located in the Hackensack River Waterfront neighborhood of Jersey City and sits directly across the street from NJCU and the family friendly Audubon Park. Convenient public transportation includes bus stops 10 to JSQ and 119 to NYC right outside the building and a 10-minute walk to the West Side Avenue Light Rail Station that will get you to lower Manhattan in under 40 minutes. Additionally, the site is surrounded by various highways including the NJTPKE and I-95.
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.
