Hoboken, NJ – Brad Domenico of Progress Capital arranged a $2,300,000 construction line of credit for a valued client to retire the existing debt ($700,000) and renovate upon the existing structure at 408 Adams Street in Hoboken into luxury condominiums. During the 18 month interest-only term of the loan, the borrower will construct a 6,000 SF 5-story building with two 3,000 SF duplex units that will be sold upon completion.
This 18 month loan has a 6 month extension option and represent a 75% loan to total project cost.
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