PROGRESS CAPITAL | Jersey City, NJ – $2,793,000
16293
portfolio_page-template-default,single,single-portfolio_page,postid-16293,ajax_fade,page_not_loaded,,qode-child-theme-ver-1.0.0,qode-theme-ver-2.7,wpb-js-composer js-comp-ver-5.4.7,vc_responsive

Jersey City, NJ – $2,793,000

Category
Construction, Multi-Family
About This Project

 

75% LTV on Jersey City Multifamily Acquisition

 
Jersey City, NJ – $2,793,000 was arranged for a valued client of Kathy Anderson’s to acquire a multifamily asset in the Historic Downtown District of Jersey City. Built in 1898, the loan is secured by a 5-story brick faced walk-up building with 12 one-bedroom and 10 two-bedroom units. The borrower intends to completely renovate 4 units each year, allowing the borrower to gradually return each unit to full market value over a five-year period.
 
Key terms of this loan include:
 
• 3.74% Fixed for 5 Years with resets
• 12 Months I/O
• 30 Year Term / 30 Year Amortization
• 75% LTV
• Sub 1.25X DCR at closing
• 3-2-2-1-1-0 Prepay
• Non-Recourse
 
Progress Capital Advisors loan programs include Fixed Rate Loans, Construction and Specialty Financing as well as Directly Funded Bridge Loans. With over $40 Billion in closed loans and $100 Million in bridge and direct lending, we will get you to the closing table … plain and simple. #thatsPROGRESS
 


CONTINUED READING: 


 

View Press Release
 
$7,250,000 Jersey City Refinance Nets $2,200,000 Cash-Out to Borrower
 
Kathy Anderson Arranges $66,000,000 in Permanent Funding for Jersey City’s Senate Place
 
Kathy Anderson Arranges $68,500,000 in Financing for Construction of Jersey City’s Gulls Cove Phase II
 
consultheader