PROGRESS CAPITAL | Jersey City, NJ – $7,250,000
16262
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Jersey City, NJ – $7,250,000

Category
Multi-Family
About This Project

 

$7,250,000 Jersey City Refinance Nets $2,200,000 Cash-Out to Borrower

 
Jersey City, NJ –  Brad Domenico of Progress Capital Advisors arranged $7,250,000 for a client to refinance his apartment building in Jersey City.  The newly renovated and stabilized 42-unit apartment building is located in the historic downtown area just one block from both Journal Square and the PATH station.
 
The borrower sought to a) lock in a lower long-term rate and b) recapture equity to fund future commercial real estate transactions.  Domenico was able to secure a 75% LTV allowing the borrower to net $2,200,000 cash out.
 
Additional Key terms of this loan include:
 

  • 3.875% Fixed for 7 Years
  • 7 Year Term
  • 30 Year Amortization
  • 75% LTV
  • Declining Pre-Pay
  • Non-Recourse

 
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
 


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