PROGRESS CAPITAL | $5.4 Million Bridge Loan for 82 Unit Multi-Family Property in East Orange, NJ
14715
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East Orange, NJ – $5,400,000

Category
Direct Funded, Multi-Family
About This Project

 

$5.4 Million Bridge Loan
82 Unit MF

 

David Cappello of Progress Capital recently closed a $5,400,000 bridge loan on an 82 unit multi-family property in East Orange, NJ.

 

CHALLENGE:

 

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:

 

    1. buy-out his partner’s ownership percentage
    2. provide $1.4 Million to finish building renovation

 

SOLUTION:

 

David negotiated a $5,400,000 buy-out/renovation bridge loan which accomplished the following two things:

 

    1. Our client was able to retain 100% ownership of the subject property
    2. Allowed for 100% of the hard costs needed to renovate the property
    3. 12-month term with two (2) six month extensions
    4. Interest Only

 

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