PROGRESS CAPITAL | Jersey City, NJ – $7,230,000
17624
portfolio_page-template-default,single,single-portfolio_page,postid-17624,ajax_fade,page_not_loaded,,qode-child-theme-ver-1.0.0,qode-theme-ver-2.7,wpb-js-composer js-comp-ver-5.4.7,vc_responsive

Jersey City, NJ – $7,230,000

Category
Multi-Family, Retail
About This Project

Progress Capital Packages $7,230,000 in Loans for the Refinance of Four Jersey City Multifamily Buildings

 
Kathy Anderson Negotiated the Terms and Amounts of the Four Separate Loans on Behalf of ‘JR City Properties’
 
Jersey City, NJ – Kathy Anderson, Managing Partner at Progress Capital, packaged $7,230,000 in loans to refinance four Jersey City multifamily buildings on behalf of ‘JR City Properties.’ The four properties include a mixed-use building at 456-462 Laidlaw Avenue and the 3 multifamily buildings at 84 Waldo Street, 30-41 Bleecker Street and 37 Paterson Street. The properties encompass a total of 56 residential units and (1) 3,500 SF ground-level retail space.
 
All four loans have the following terms:
 

  • 4.125% Fixed for 5-Years
  • 10-Year Term
  • 30 Year Amortization
  • Rate reset for Years 6-10
  • Declining Prepay
  • Non-Recourse

 
The loan proceeds were used by ‘JR City Properties’ to refinance the existing debt on the assets and cash-out a significant amount of equity to fuel the continued expansion of a robust multifamily portfolio.
 
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.
 


CONTINUED READING:


 
View Press Release
 
Read Story at Real Estate NJ Online
 
$86 Million Secured for Construction of UES Community Center
 
$26,250,000 Negotiated for Construction of Multifamily Building at Former Fairmount Hospital in Jersey City
 
$15,000,000 Line of Credit Arranged for NJ Multifamily Acquisitions
 
$2,300,000 Funded by Progress Direct for Acquisition of Vacant Jersey City Gas Station
 
$36 Million Negotiated in Refinance of Two NY Storage Fox Facilities
 
consultheader