David Cappello of Progress Capital recently closed a $5,400,000 bridge loan on an 82 unit multi-family property in East Orange, NJ.
The apartment building is vacant, gut renovated down to studs and without cash flow. The ownership decided to part ways and our client requested a loan to:
David negotiated a $5,400,000 buy-out/renovation bridge loan which accomplished the following two things:
Once the renovations are completed, the Borrower and Progress will look to refinance the bridge loan with a conventional lender at the most favorable structure available.
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