PROGRESS CAPITAL | Passaic, NJ – $3,000,000
18863
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Passaic, NJ – $3,000,000

Category
Multi-Family, Retail
About This Project

$3 Million Refinance Secured for Passaic, NJ Mixed-Use Property

 

Passaic, NJ– Kathy Anderson arranged $3,000,000 to refinance a mixed-use property located at 41-49 Central Avenue in Passaic, NJ.

 

The property is a 3-story, mixed-use building consisting of 12 residential units and 7 retail units. The residential units are comprised of (4) two-bedroom units, (6) one-bedroom units, and (2) three-bedroom units. The ground floor houses 11,450 SF of retail space. The property was built in 1910, is roughly 27,650 SF and is situated on a 0.30‐acre lot. The surroundings include, residential housing, retail stores, restaurants, supermarkets and St. Mary’s General Hospital. Many major commuting outlets are also in close proximity.

 

Kathy worked with Spencer Savings Bank to negotiate the following key terms:

 

  • 75% LTV
  • 30 Year Amortization
  • Non-Recourse

 

Progress Capital is a leading Commercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners 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