Multi-Family Portfolio Closed: Non-Recourse at 3.375%
Progress Capital Advisors recently closed two 3.375% fixed rate loans totaling $2,516,000 for an existing client’s Multi-Family Portfolio. Kathy Anderson arranged the transactions and structured both loans as Non-Recourse with “Bad Boy” Carve-outs.
The first property is a 12-unit apartment building located in Passaic, NJ. The $1,136,000 permanent loan has a fixed rate of 3.375% for 5 years based on a 30 year amortization.
The second property located in Jersey City, NJ, encompasses two adjacent apartment buildings totaling 12 units. This $1,380,000 refinance loan carries a fixed rate of 3.375% for 7 years based on a 30 year amortization.
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