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:
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