Refinance of “The Grand” in Jersey City Nets $3,665,000 Cash-Out to Borrower
West of Hudson Properties engaged Brad Domenico of Progress Capital seeking to refinance the existing debt on the newly constructed multifamily building located at 747 Grand Street in Jersey City, known as ‘The Grand.’ The building is a 33,776 SF 5-story mid-rise apartment building comprised of 36 luxury residential units with 29 accompanying rentable covered parking spaces. The unit mix includes (28) two-bedroom/two-bathroom units and (8) 1-bedroom/1-bathroom unit diversified between 9 unique open concept layouts over 4 floors of living space.
Domenico negotiated a $7,290,000 permanent mortgage loan with 12-months interest only, allowing the borrower to retire the existing debt on the asset and recapture $3,665,000 in equity to be used to fuel West of Hudson’s continued expansion. With an appraised value of $10,250,000 this loan represents a 71% loan to value and is accompanied by a 5 year fixed rate of 3.86%. Additonal terms of this loan include:
- Rate Reset at 6 Month Libor + 3.25%
- 3-1-0-0-0 Prepayment Schedule
- 20 Year Term
- 30 Year Amortization
- Non-Recourse with Standard Carveouts
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
