Progress Capital Arranges $7.5 Million Refinance for Union City Mixed-Use Property
Kathy Anderson and Caillin Boles of Progress Capital secured a $7,500,000 loan for the property located at 1700 Bergenline Avenue, Union City, NJ.
The loan was closed with Lakeland Bank with a fixed rate of 3.50% and included a significant equity cash out component.
The five-story mixed-use building contains 55 residential units plus six ground floor retail units. The residential unit mix consists of 7 studios, 39 one‐bedroom apartments and 9 two‐bedroom apartments. The property is conveniently located between 17th and 18th Street, directly situated in Bergenline Avenue’s main shopping district. The Hoboken Viaduct and bus stop to NYC is just a few blocks away.
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, we continually prove our value to our clients by securing the best capital options available in the market.
