Hoboken, NJ – Brad Domenico of Progress Capital Advisors arranged a $4,200,000 commercial real estate loan, representing a 70% LTV, for a valued client to refinance the mixed-use property located at 114 Washington Street in Hoboken, NJ. The loan is secured by a 5-story walk-up building with (8) 1-bedroom residential units divided over 4 floors and a (1) single tenant street level retail unit. The street level retail is subject to a 10 year lease with ‘Banco Popular’ as of October 2017 with two optional 5-year extensions.
The proceeds of the loan will be used to retire existing debt on the property and provide $1,285,000 cash-out to the borrower to fund future CRE acquisitions. Domenico secured a favorable 4% interest rate fixed for 7 years accompanied by the following terms:
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