Refinance of Hoboken Mixed-Use Asset Nets $1.285 Million Cash-Out to Borrower
Brad Domenico of Progress Capital Advisors arranged a $4,200,000 commercial real estate loan, representing a 70% LTV, for a valued client to refinance the mixed-use property located at 114 Washington Street in Hoboken, NJ. The loan is secured by a 5-story walk-up building with (8) 1-bedroom residential units divided over 4 floors and a (1) single tenant street level retail unit. The street level retail is subject to a 10 year lease with ‘Banco Popular’ with two optional 5-year extensions.
The proceeds of the loan will be used to retire existing debt on the property and provide $1,285,000 cash-out to the borrower to fund future CRE acquisitions. Domenico secured a favorable 4% interest rate fixed for 7 years accompanied by the following terms:
- Rate Reset@ 5Yr UST + 275 BPS
- 30 Year Term
- 30 Year Amortization
- 5-4-3-2-1-0 Prepayment Schedule
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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