Progress Capital Arranges $4.725MM Loan to Purchase Multifamily Complex
Brian Anderson of Progress Capital secured an acquisition loan in the amount of $4,725,000 for his client to purchase Steiner Ocean Apartments, a 36-unit multifamily complex located at 65 Steiner Avenue, Neptune City, NJ.
Haven Savings Bank provided the following terms.
- $4,725,000 Acquisition Loan
- 75% LTV
- 36 months I/O
The site contains a (3) building garden style apartment complex situated on a 1.87-acre parcel of land. The property includes a parking lot with 57 lined parking spaces, giving all tenants access to off-street parking. The unit mix includes (10) two-bedroom units and (26) one-bedroom units. The sponsor sees tremendous upside potential in the property as the rents are currently undermarked and the property is being mismanaged. Upon closing, the sponsor plans to renovate at least 12 units per year until the property is fully renovated and stabilized.
Steiner Ocean Apartments is located in Neptune Township, a land area of 8 square miles situated in the central easternmost part of Monmouth County. Neptune is a community with several diverse neighborhoods including Ocean Grove, Shark River Hills, Mid-Town, Bradley Park, the Gables, Seaview Island and West Neptune. Walkable shopping centers and recreational activities include Coastal Plaza, Allaire State Park, Pine Creek Railroad, and Jenkinson’s Aquarium.
Progress Capital is a commercial real estate mortgage advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. Since 1990, we have been providing clients with financing advice and securing the best capital options available in the market.