Closed Loans

Progress Capital Packages $7,230,000 in Loans for the Refinance of Four Jersey City Multifamily Buildings

Kathy Anderson, Managing Partner at Progress Capital, packaged $7,230,000 in loans to refinance four Jersey City multifamily buildings. The four properties include a mixed-use building at 456-462 Laidlaw Avenue and the 3 multifamily buildings at 84 Waldo Street, 30-41 Bleecker Street and 37 Paterson Street. The properties encompass a total of 56 residential units and (1) 3,500 SF ground-level retail space.

All four loans have the following terms:

  • 4.125% Fixed for 5-Years
  • 10-Year Term
  • 30 Year Amortization
  • Rate reset for Years 6-10
  • Declining Prepay
  • Non-Recourse

The loan proceeds were used by the client to refinance the existing debt on the assets and cash-out a significant amount of equity to fuel the continued expansion of a robust multifamily portfolio.

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

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