Progress Capital Arranges Acquisition Loan for Multifamily Complex in NJ

Caillin Boles of Progress Capital has secured a $2,700,000 acquisition loan for his client to purchase Riviera Apartments, a 21-unit apartment building located at 863 Avenue C in Bayonne, NJ.

Haven Savings Bank provided a 5-year fixed rate loan, which carries 36-months of interest only payments.

The building was built in the 1920’s and contains one- and two-bedrooms units throughout its 4 levels. Ideally located within minutes of the New Jersey Turnpike, Highway 440 and NJ Transit stations, provides a simplified commute into Manhattan, Staten Island and more.

Bayonne is in Hudson County and known to be a community that retains many of the elements of a small town.

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.