Progress Capital Funds $2.3 Million for Vacant Jersey City Gas Station Site
Kathy Anderson, Managing Partner of Progress Capital, approved a $2,300,000 Bridge Loan, funded by Progress Capital’s direct lending platform, ‘Progress Direct’, for 350 Pavonia Group, LLC to the acquire the gas station at 348 Baldwin Avenue in Jersey City, NJ. At the time of the acquisition the gas station was vacant with approvals to construct a 45-unit multifamily building. The interest-only Progress Direct loan represents a 90% loan to current “as-is” property value. The term of the loan is 12 months accompanied by a fixed-rate of 12%.
“We are pleased to be able to close this loan in under 30 days for our client so he could complete a somewhat complicated purchase of a gas station with storage tanks intact.” – stated Anderson
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress