Jersey City, NJ – Kathy Anderson, Managing Partner of Progress Capital, approved a $2,300,000 Bridge Loan, funded by Progress Capital’s direct lending platform, ‘Progress Direct’, for 350 Pavonia Group, LLC to the acquire the gas station at 348 Baldwin Avenue in Jersey City, NJ. At the time of the acquisition the gas station was vacant with approvals to construct a 45-unit multifamily building.
The interest-only Progress Direct loan represents a 90% loan to current “as-is” property value. The term of the loan is 12 months accompanied by a fixed-rate of 12%.
“We are pleased to be able to close this loan in under 30 days for our client so he could complete a somewhat complicated purchase of a gas station with storage tanks intact.” – stated Anderson
Progress Capital’s direct lending platform is designed for clients who need flexibility in time sensitive and/or uniquely complex transactions. Progress Direct provides fast and flexible CRE Bridge Loans that can be customized to your specific financial needs. We leverage both our expertise and knowledge to help you bridge the capital gap in special situations where conventional financing is not readily available. Offering highly competitive terms and streamlined execution, allowing you to CLOSE IN AS LITTLE AS TWO WEEKS!
At Progress – We Get You to the Closing Table – Plain & Simple… #thatsPROGRESS