PROGRESS CAPITAL | Passaic, NJ – $5,350,000
18404
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Passaic, NJ – $5,350,000

Category
Multi-Family
About This Project

$5.35 Million Refinance for Multifamily in Passaic, NJ

 

Passaic, NJ – Kathy Anderson, Founding Partner at Progress Capital secured $5,350,000 to refinance a 2-building, 4-story multifamily property located at 201 Market Street and 40 Morris Street in Passaic, NJ.

 

The units are mid-rise apartment buildings that were built in 2008 and 2012. They contain 56 dwelling units that are roughly 52,550 SF and sit on a 1.13-acre parcel of land.

 

Kathy worked with Red Capital Markets LLC to negotiate the following key terms:

  • 42% Fixed for 10 Years
  • 55% LTV
  • 6 mo LIBOR + 3.25%
  • 30 Year Amortization
  • Non-Recourse

 

Progress Capital is a leading Commercial Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners, operators and 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