Irvington, NJ – $4,430,000
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OfficeAbout This Project
Kathy Anderson Secures $4,430,000 for Irvington Medical Office Refinance and Land Acquisition
Irvington, NJ – Managing Partner of Progress Capital, Kathy Anderson, secured a $4,430,000 permanent mortgage to refinance the medical office buildings at 40 and 50 Union Avenue, Irvington, as well as acquire the land upon which 50 Union Avenue resides (currently subject to a ground-lease).
40 Union Avenue is a 4-story, 12-unit, 19,982 sf medical office building built in 1962. The adjacent property, 50 Union Avenue, is an 8-story medical office building with 50,638 sf divided into 41-units built in 1969. Currently subject to a ground lease, the borrower will use $1,500,000 of the proceeds of the loan to acquire the land at 50 Union Ave and own the property outright.
Key Terms of the Loan Include:
- $4,430,000 Loan Amount
- 4.5% Fixed for 5 Yrs.
- Rate Reset at 5 Yrs.
- 10-Year Term
- 25-Year Amortization
- 3-2-2-1-1 Prepay
- Limited Recourse
Progress Capital is a leading Commercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners and residential developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and deployed over $150 Million through their direct lending platform.
We Get You to the Closing Table – Plain and Simple – #thatsPROGRESS.
CONTINUED READING:
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