Jersey City, NJ – Negotiating on behalf of JR City Properties, LLC, Kathy Anderson secured $1,950,000 to refinance the multifamily building at 105 Tonnelle Avenue in Jersey City, NJ. The subject property is a 3-story building including 15 market-rate 1-bedroom / 1-bathroom residential units. At the time of the refinance the building was 100% occupied.
The $1,950,000 CRE Mortgage represents a 75% LTV and includes 10-year term based on a 30-year amortization. Anderson negotiated a 5-year fixed-rate at 4.5% with a reset at 5-year UST + 1.50% with a floor of 4.25%. The loan is non-recourse and includes a declining pre-pay schedule.
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.
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