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.

 

Built in 1910, this 3-story property is situated on a .30-acre lot and measures approximately 28,000 SF. The building is a mixed-use property comprised of 12 residential units and 7 retail units. The residential apartments include (4) two-bedroom units, (6) one-bedroom units, and (2) three-bedroom units, while the ground floor houses 11,450 SF of retail space.  Nearby surroundings include, residential housing, retail stores, restaurants, supermarkets and St. Mary’s General Hospital. Many major commuting outlets including Route 21, Route 46, Passaic Commuter Rail, and Garfield Commuter Rail are also in close proximity. Additionally, the Newark Liberty International Airport is just a 20-minute drive from the property.

 

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

 

  • 7 Year Fixed with 5 Year Rate Reset
  • 3-2-1-0 Prepay
  • 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-#thatsPROGRESS