Passaic, NJ – Kathy Anderson secured $4,320,000 for a client to finance the land acquisition and subsequent construction of a 4-story multifamily building on the adjacent lots located at 224 & 230-232 Hope Avenue in Passaic, NJ. The newly constructed building, ‘Casa Bella,’ will include 40 residential units including (5) 1-bedroom units and (35) 2-bedroom units. Construction is scheduled to begin immediately and continue for 12-months and completed in the second quarter of 2019.
Anderson negotiated a 36 month interest-only loan floating at one-month LIBOR + 310 bps. The loan represents 75% LTC and a 68% loan to stabilized value. The borrower may repay the loan in full at anytime without penalty.
Progress Capital is a Commercial Real Estate Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners and developers of mixed-use, multifamily, construction, industrial, retail, office and commercial storage properties. With an unrivaled network of lending partners and capital market relationships we have arranged over $40 Billion in Transactions and Directly Funded over $150 Million.
We get you to the closing table – plain and simple. #thatsPROGRESS