PROGRESS CAPITAL | Hoboken, NJ – $2,600,000
18809
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Hoboken, NJ – $2,600,000

Category
Construction
About This Project

$2.6 Million Construction Loan Secured for Hoboken, NJ Condo Project

 

Hoboken, NJ – Kathy Anderson arranged a $2,600,000 construction loan for a mixed-use building located at 318 Madison Street in Hoboken, NJ.

 

The property is a vacant commercial structure that used to be home to Biggie’s Clam Bar. The plan for the land’s future would see the demolition of everything on site to make way for a new five-story building. The project would consist of four residential units with an 852 SF retail storefront on the ground level.

 

Kathy worked with Enterprise Bank to negotiate the following key terms:

  • 75% LTV
  • 70% LTC
  • 18 Month I/O

 

 

Progress Capital is a leading Commercial Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners, operators and developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and directly funded over $150 Million.