Progress Capital Arranges $6.2 Million in Refinancing for Two Hoboken Multifamily Properties
Brad Domenico of Progress Capital secured a $6,200,000 loan for a valued client to refinance their existing commercial mortgages on the two properties located on Observer Highway in Hoboken.
Brad worked with Connect One Bank who provided the following terms:
- $6,200,000 Commercial Loan
- 3.25% Fixed for 5 Years
- 30 Years Amortization
- Non-Recourse
Both properties contain (7) residential units, consisting of the same unit mix; (3) three-bedroom/two-bathroom units, as well as (4) one-bedroom/one-bathroom units. The apartments have been gut renovated to include beautiful modern finishes throughout, including vaulted ceilings and custom kitchens with stainless steel appliances.
The property is nestled along the Hudson River, across from New York City, in the Uptown section of Hoboken. This urban, walkable neighborhood is filled with elegant brownstones, charming brick multi-family units, and lavish high-rise apartments. The community is home to several gorgeous urban parks (Waterfront Maxwell Place and Shipyard Park) and offers an array of restaurants, pubs, and shops within walking distance. Given its ideal location, the site offers easy access to numerous forms of public transportation, including the Hoboken Path and the 126 Bus, which provides an easy commute to New York City. Hoboken Bike and Lime scooters are available on almost every corner, making local transportation extremely convenient.
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 of helping valued clients secure commercial loans in New Jersey and New York, we continually prove our value to our clients by securing the best capital options available in the market.
