Progress Capital Arranges Financing for Mixed-Use Property in Passaic
On behalf of Novus Equities, Caillin Boles of Progress Capital secured $1,100,000 in financing for the property located at 68-74 Broadway, Passaic, NJ
Caillin worked with Spencer Savings Bank who provided the following terms:
- $1,100,000 Loan
- 3.75% Fixed for 7 Years
- 70% TV
- 30 Year Amortization
- Non-Recourse
The property consists of a two-story 9,360 SF mixed-use building comprised of 4 retail units and 4 residential apartments that are 100% occupied.
Situated in the downtown section of Passaic, the site is within walking distance of Main Avenue, which offers a variety of shops and restaurants, as well as Christopher Columbus Park, featuring a multiuse sports field for athletic leagues and local residents to enjoy. The location also provides easy access to numerous commuting outlets such as Route 21 and the Garden State Parkway.
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. We consistently get our clients to the closing table… plain and simple!
