Progress Capital Secures $1.5 Million Loan for Passaic Multifamily Property
Principals of Novus Equities approached Progress Capital to refinance 308 Sherman Street, Passaic, NJ, which the borrowers purchased all-cash. This project comes as the latest undertaking for the real estate development company, known for rehabilitating hundreds of affordable and market rate apartments.
Refinancing was arranged by Caillin Boles, who worked with Affinity Federal Credit Union.
Key loan terms include:
- $1,500,000 Loan
- 3.50% Fixed for 7 Years
- 75% LTV
- No Prepayment Penalty
- 15 Year Term
- 30 Year Amortization
Due to the ongoing COVID-19 crisis and the number of unique challenges impacting the lending environment, Caillin had to manage a few obstacles before accomplishing a smooth and efficient closing.
The newly constructed, 3-story building is roughly 10,000 SF and is situated on a 0.33-acre lot. The property contains 8 residential units consisting of (6) two-bedrooms and (2) one-bedroom apartments, with on-site parking. All the units are equipped with stainless steel appliances and granite countertops. The basement serves as an optional storage facility for tenants to utilize and incorporate into their rent. There is also a 5-year tax abatement in place.
The property is attractively positioned within walking distance of Main Avenue, the downtown section of Passaic that features various shops, restaurants, Christopher Columbus Park and many other accommodations appreciated by local residents. Other conveniences include, easy access to numerous commuting outlets such as Route 21 and the Garden State Parkway.
Progress Capital is a commercial real estate advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. Since 1990, we consistently get our clients to the closing table… plain and simple!
