PROGRESS CAPITAL | Kathy Anderson Arranges $66,000,000 in Permanent Funding for Senate Place in Jersey City, NJ
Kathy Anderson Arranges Permanent Funding for Senate Place After arranging a $27.5 Million loan in 2015 for the construction of 25 Senate Place, a Jersey City residential/retail concept, Kathy Anderson of Progress Capital organized the Borrower’s conversion to a $66 Million permanent loan in November 2016.
kathy anderson, progress capital advisors, jersey city, commercial real estate nj, commercial real estate jersey city, commercial real estate new jersey, commercial financing, commercial mortgage, finance, loans
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Jersey City, NJ – $66,000,000

Category
Construction, Multi-Family, Retail
About This Project

 

Kathy Anderson Arranges Permanent Funding for Senate Place

 

Jersey City, NJ – After arranging a $27.5 Million loan in 2015 for the construction of 25 Senate Place, a Jersey City residential/retail concept, Kathy Anderson of Progress Capital organized the Borrower’s conversion to a $66 Million permanent loan in November 2016.  Some of the challenges were:

 

a) a closing in less than 45 days due to a post-election rising rate environment;

 

b) a fully funded loan at closing without operational history

 

c) fully leveraged proceeds to repay investor equity including preferred returns for the sponsor to realize his promote.

 

“Kathy Anderson and her organization were instrumental in contributing to the overall success of this project,” stated Art Johnson, Managing Partner.  “The amount and structure of both the construction and permanent loan allowed us to far surpass our initial financial projections.” – Borrower

 

Progress Capital Advisors loan programs include Fixed Rate Loans, Construction and Specialty Financing as well as Directly Funded Bridge Loans. With over $40 Billion in closed loans and $100 Million in bridge and direct lending, we will get you to the closing table … plain and simple. #thatsPROGRESS