Passaic, NJ – Progress Capital’s Managing Partner, Kathy Anderson, negotiated a $4,200,000 commercial mortgage loan with 36-months interest-only in the refinance of a 3-property multifamily portfolio in Passaic, NJ. Two of the properties, located at 373 and 375 Madison Street, are 3-story walk-up buildings each with 12 residential units. The third property, 80 Howe Avenue, is a 2-story walk-up building with 28 residential units.
Fully stabilized and at market rates, the borrower sought to refinance the property to recapture vested equity to fuel the continued expansion of their commercial real estate portfolio. With a combined appraised value of $5,250,000 this loan represents a 80% loan to value and is accompanied by a 10 year fixed rate of 4.37%.
Additional details of this loan include:
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