In 2015, a client of Progress Capital Advisors added a 23-unit mixed-use building in Passaic, NJ to their CRE portfolio. Upon acquisition of the subject property, the client completely renovated the building; updating common areas, all 20 residential units and three ground level retail spaces. The client was then able to stabilize the ground floor retail spaces with three long term tenant leases. After repositioning the asset and substantially increasing the cash flow, the client engaged Jake Mauro of Progress Capital Advisors to refinance his existing debt and recapture equity.
Mauro was able to secure a $1,825,000 permanent loan, representing a 76% LTV, allowing the client to fully cash-out his equity invested into the property while locking in a fixed rate. Additional terms of this loan include:
Progress Capital Advisors loan programs include Fixed Rate Loans, Construction and Specialty Financing as well as Direct Lending for Bridge Loans. With over $40 Billion in closed loans and $100 Million in direct lending, we will get you to the closing table… plain and simple… #thatsPROGRESS