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 was originally constructed in 1916 as a bank branch. In 2010, it was renovated to consist of 12 residential units and 1,200 SF of commercial space complete with 11 parking spaces. Since the updates, the developer has sold 2 of the residential units to individual buyers 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 rentable area of 9,371 SF.

 

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 consists of 7 residential units and 2,090 SF of retail preleased to Lululemon. Construction was recently completely in February 2019. The building’s residential unit mix consists of (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. The property is located in close proximity to a number of parks including Sinatra Park and Stevens Park and provides easy access to numerous commuting outlets such as the Hoboken Ferry, Holland Tunnel, and Hoboken Terminal.

 

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.