PROGRESS CAPITAL | Hoboken, NJ – $10,555,000
13864
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Hoboken, NJ – $10,555,000

Category
Construction, Multi-Family, Retail
About This Project

Hoboken, NJ

 

When a long-term client reached out to Progress Capital with a demanding set of circumstances, they were able to find the solutions.

 

CHALLENGES:  

 

      1. Forty-five (45) day time of the essence closing
      2. Land without building approvals

 

 

SOLUTIONS:

 

      1. Knowledge of the client with financials on file
      2. Immediate access and trusted relationship with the appropriate lenders

 

 

THE OUTCOME:  Progress Capital arranged a 70% land acquisition loan, without the requisite approvals and a construction loan for the building subject to approvals. The Bank provided a permanent conversion option should the client decide to convert with the same Bank.

 

The client now has an incredible opportunity to redevelop a parking lot into 30 luxury rental units with a 46 unit parking garage and a retail space in one of Jersey’s highest sought after cities, Hoboken.

 

Progress Capital Advisors’ loan programs include Construction, Fixed Rate Loans and Specialty Financing, as well as Directly Funded Bridge Loans. With over $40 Billion in closed loans and $100 Million in direct lending, we will get you to the closing…plain and simple#thatsPROGRESS