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.