PROGRESS CAPITAL | Hoboken, NJ – $9,250,000
18945
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Hoboken, NJ – $9,250,000

Category
Multi-Family, Retail
About This Project

$9.25 Million Secured for Refinance of Client’s Mixed-Use Portfolio in Hoboken, NJ

 

Hoboken, NJ – Kathy Anderson negotiated a total of $9,250,000 for the refinance of two mixed-use buildings located at 313 First Street and 313 Washington Street in Hoboken, NJ.

 

The property located at 313 First Street is known as the landmarked historic Jefferson Trust Bank Building, built in the early 1900’s. The original trust company failed during the Great Depression and the building passed on to a succession of owners. In 2010, the property was converted into luxury condos comprised of a 1,200 SF ground/basement level retail store and 12 residential units, including 11 parking spaces. Since the updates, the developer has sold 2 of the residential units, along with 2 allocated parking spaces. The remaining 10 apartments consist of (2) studio units, (2) one-bedroom units and (6) two-bedroom units with a total rentable area of 9,371 SF.  The luxury loft building is conveniently located in downtown Hoboken and only ten minutes from the Hoboken PATH, Ferry, and Train terminal.

 

Kathy worked with TD Bank to provide the following key terms:

  • 70% LTV
  • 30 Year Amortization
  • SWAP breakage

 

 

The property located at 313 Washington Street is a newly renovated luxury building with 7 residential units and a 2,200 SF storefront preleased to Lululemon. The building’s residential unit mix include (4) 2 bedroom/2-bathroom apartments; (1) 3 bedroom/2-bathroom unit; (1) 1 bedroom/2-bathroom units and (1) carriage house located behind the property. Nearby transit and commuter rail located less than 5 miles away, along with various shopping, parks and colleges.

 

Kathy worked with TD Bank to provide the following key terms:

  • 60% LTV
  • 30 Year Amortization
  • SWAP breakage

 

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.