$3.6 Million Land Loan Fixed at 5% for 2 years
Progress Capital Advisors secured a $3,600,000 land loan for a mixed-use property on the corner of Hoboken Avenue and Central Avenue. The interest-only loan was fixed at 5% for two years on an unapproved assemblage in Journal Square.
The 42,000 SF parcel is comprised of a vacant lot adjacent to a second lot with two industrial / warehouse buildings. The borrower intends to raze the existing buildings and develop the site with a 22 story multi-family building containing 119 units as well as on-site garage parking.
“We were able to secure the two year loan on this assemblage which gave the client time to secure approvals and strategize the best use of the property,” said Brad Domenico.
Progress Capital Advisors’ loan programs include Construction, Fixed Rate Loans and Specialty Financing, as well as Directly Funded Bridge Loans. With over $40 Billion in closed loans and $100 Million in direct lending, we will get you to the closing….. plain and simple.