Progress Capital Packages $7,230,000 in Loans for the Refinance of Four Jersey City Multifamily Buildings
Kathy Anderson Negotiated the Terms and Amounts of the Four Separate Loans on Behalf of ‘JR City Properties’
Kathy Anderson, Managing Partner at Progress Capital, packaged $7,230,000 in loans to refinance four Jersey City multifamily buildings on behalf of ‘JR City Properties.’ 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
The loan proceeds were used by ‘JR City Properties’ 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