Jersey City, NJ – Kathy Anderson, Founding Partner of Progress Capital, secured $21,000,000 to refinance 11 multifamily buildings in Jersey City, NJ.
Jersey City is the second most populous city in the state of New Jersey, after Newark. The 11 properties span the city from the southwest area of Greenville to the northern Heights area close to Washington Square Park. The $21,000,000 CRE Mortgage represents an 80% LTV and includes a 20-year term based on a 30-year amortization. Anderson negotiated a 5-year fixed-rate at 4.35% with a
12-month interest only period with rate resets. The non-recourse loan also includes a step down prepay.
Progress Capital is a leading Commercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners and residential developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and directly funded over $150 Million.
We Get You to the Closing Table …. Plain and Simple. – #thatsPROGRESS.