Progress Capital Arranges $3.4 Million to Refinance Multifamily Portfolio
Kathy Anderson and Caillin Boles of Progress Capital secured financing for a client to refinance a two-property multifamily portfolio located in South Amboy and New Brunswick, NJ.
ConnectOne provided the following terms:
- $3,400,000 loan
- 3.125% fixed rate for 5-years with rate reset
- 10 Year Term, 30 Year Amortization
- Non-recourse
- 3-2-2-1-1 prepay
309 Suydam Street, New Brunswick, NJ was purchased as a vacant lot and improved with ‘Suydam Pointe’, a 4-story apartment complex featuring (12) luxury one or two-bedroom apartments, including a private parking lot. New Brunswick packs an extraordinary range of culture into a relatively small community and the college town vibe is especially strong. Nearby conveniences include the train station, Rutgers’s University, Middlesex County College and array of restaurants, including the famous Grease Trucks.
234-1st Street, South Amboy, NJ is a two-story newly renovated 10-unit apartment building with parking spaces. The fully occupied “loft-style” units feature 600-800 SF of floor space and boast 12’-18’ vaulted ceilings. The location is just a 2-minute walk from the South Amboy train station, allowing for quick and easy access to New York City and the Jersey Shore.
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. We consistently get our clients to the closing table… plain and simple!
