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
