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 in walking distance to the Path Station and Stevens Park. Kathy worked with Columbia Bank to negotiate a 75% loan to value ratio.
The construction loan is secured by a corner lot with a free-standing church at 901 Bloomfield Street 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.
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.