Progress Capital Arranges $4.2 Million Refinance for Hoboken Mixed-Use Building
Hoboken, NJ – Kathy Anderson arranged a $4,200,000 loan for a valued client to refinance a mixed-use building located at 322 Washington Street, Hoboken, NJ.
The 8,000 SF building consists of 5 floors with (8) one-bedroom units that are identical in layout and 2 ground level retail spaces. The residential units feature rustic hardwood floors throughout, spacious living room, separate dining area, walk- in closet and modernized kitchen with high-end appliances. The retail space features gorgeous reclaimed wood, high ceiling with recessed light and exposed brick walls. Additionally, the basement offers ample storage space.
Kathy Anderson and Caillin Boles worked with Northfield Bank and negotiated loan terms that included a 3.65% interest rate fixed for 10 years with a 30 year amortization and a flexible prepay. The loan allowed the Borrower to cash out equity for further expansion of his commercial portfolio.
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress