PROGRESS CAPITAL | Hoboken, NJ – $9,400,000
18318
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Hoboken, NJ – $9,400,000

Category
Construction, Multi-Family
About This Project

$9.4 Million Secured for Acquisition/Construction Loans in Hoboken, NJ

 

HOBOKEN, NJ – Kathy Anderson, Founding Partner of Progress Capital, negotiated the terms of two separate commercial real estate loans totaling $9.4 million for a valued client.

 

The acquisition loan is secured by a 4-story, mixed-use building located at 56 Third Street in Hoboken, NJ. The property building is comprised of (6) two-bedroom apartments which are approximately 1,025 SF as well as 1 retail tenant. The location is very convenient as it is in walking distance to the Path Station and Stevens Park. The loan amount represents an 75% loan to value ratio.

 

Kathy worked with Columbia Bank to negotiate the following key terms:

  • 4.125% Interest for 5 Years
  • 25 Year Amortization
  • FHLBNY + 1.75% with floor of 4.125

 

The construction loan is secured by a corner lot with a free-standing church at 901 Bloomfield Street in Hoboken, NJ that is being redeveloped into 7 high-end luxury condominiums for sale. Each condo will have its own private entrance and 2 will have their own private roof terrace.

 

Kathy worked with 1st Constitution Bank to negotiate the following key terms:

  • WSJP plus .50%
  • No prepay penalty
  • 12 month I/O Period

 

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.