Progress Capital Arranges Financing for Gold Coast Property
Brian Anderson of Progress Capital and Jordan Sobel of Cushman-Wakefield took part in the recent transaction featuring The Georgian, a 16-unit multifamily property located at 205-207 Madison Street, Hoboken, NJ.
Anderson secured $6,750,000 in acquisition financing on behalf of his client, who purchased the asset. While Sobel, the listing broker represented the seller and procured the buyer in the $9 Million real estate deal.
During the financing process, Brian faced some challenges, given the in-place NOI and resulting 1.00X DSCR due to below market rents. But, by working closely with the lender and highlighting the sponsor’s extensive value-add experience, Anderson negotiated a 5-year fixed rate at 3.625% with a 3-year interest only period, 75% LTC.
The Georgian, built in 2001 is a five-story multifamily property with (16) one and two-bedroom units, including on-site covered parking. Situated in the heart of downtown Hoboken, a vibrant walk-able town strategically located on the banks of the Hudson River across from lower Manhattan. Tenants can enjoy the city’s bustling dining, unique shops and plentiful parks and outdoor activities. Additionally, the location offers quick, easy access into Manhattan via the NJ PATH.
Progress Capital is a leading commercial real estate mortgage advisory firm that has closed over $40 billion in loans and $150 million in directly funded bridge loans. Since 1990, the firm has been advising clients on real estate investments and loan financing needed to manage through the commercial real estate acquisition and/or funding process. Whether you’re looking for your first investment property or searching for ways to diversify your portfolio, we’re here to help.