Jersey City, NJ – Kathy Anderson, Founding Partner of Progress Capital negotiated a $4,111,000 construction loan to construct 9 residential condos with parking in a 4-story mixed-use building located at 105 Brunswick Street in Jersey City, NJ for Emanuel Klein of the Fountain Group. The top floor units will also include a roof deck. The property is located in the Van Vorst Park neighborhood of the Historic Downtown area of Jersey City. The loan amount represents 75% loan to cost.
Upon completion, the building will consist of (3) three-bedroom units, (4) two-bedroom units and (2) one-bedroom units. Each residential unit will feature luxury amenities such as master suites, state of the art kitchen, living room, dining room, laundry facility, and ample storage. The construction loan term is 24-months, interest-only with a permanent option if the borrower decides to rent instead of sell.
Progress Capital is a leading Commercial Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners, operators and developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and directly funded over $150 Million. We get you to the closing table…. plain and simple.