Progress Capital Arranges $3.2 Million in Refinancing for 23-Unit Mixed-Use Property
In a recent transaction, Will McKenna of Progress Capital secured $3,200,000 in refinancing for the owner of ‘Sparta Twins Apartments’, a mixed-use property located at 104-106 Main Street, Sparta, NJ, totaling 23-units.
The property features two, elevator serviced buildings situated on 2.56-acres. The unit mix consists of 20 residential apartments and 3 commercial spaces, including a 16-car garage parking area, as well as additional 48 shared surface parking spaces.
The property is not fully stabilized and so the deal posed some concern to the lender. After working closely with the borrower, the lender and all third parties involved, Will managed to facilitate a smooth, efficient closing with Haven Savings Bank. Loan terms included interest rate of 3.625% Fixed for 5-years with a 3-year I/O period.
Situated in rural Sussex County, the city of Sparta boasts rolling hills, beautiful lakes and picturesque farms. A mere 45 miles drive away from New York City or use of public transportation via Lakeland Bus Lines provides commuter service to the Port Authority Bus Terminal in Midtown Manhattan.
Will McKenna’s experience and knowledge of the full capital stack combined with his technical and analytical background allows him to advise clients and suggest the best financing structure, which often includes a first mortgage, mezzanine debt and JV equity. Connect with Will for all your CRE financing needs.
Since 1990, Progress Capital has closed over $40 Billion in commercial loans and $150 Million in directly funded bridge loans. As a commercial real estate 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