Progress Capital closes three loans totaling $86,200,000
Manhattan, NY – A $35 Million fixed rate loan was arranged by Kathy Anderson, Founder of Progress Capital for the 20 story Historic Landmark Office Building located at 220 Fifth Avenue. The non-recourse loan has a term of 15 years based on a 30 year amortization. The funds were used to refinance an existing CMBS mortgage with Berkadia Commercial Mortgage. This iconic office building has been owned by the same family since 1991. The owners worked with Progress Capital over a 6 month period exploring all options available including CMBS, Insurance Companies and Regional Banks. The owners finally chose to accept a loan with Investors Bank which provided the flexibility and personal service they required. Formerly known as the Croisic Building, 220 Fifth Avenue was constructed in 1912. The building’s Neo-Gothic architecture is visible for blocks because of its two-story copper mansard roof decorated with terra cotta gargoyles and eagles. The family is planning a renovation of the lobby and common spaces for the coming year while preparing for the opening of the Belgian Beer Café, who will anchor the building’s first floor retail.
Jersey City, NJ – A $27,500,000 construction loan was arranged by Kathy Anderson, Founder of Progress Capital for Senate Place Urban Renewal, LLC to develop a five-story apartment building that will contain 265 units in addition to 5,700 sf of retail space. The rate is 30 day LIBOR plus 275 bps, floating for 24 months with two 12 month extension options and 25% limited recourse. Construction is underway and occupancy is expected during Q3 2015. Located directly across from the Mana Contemporary Fine Art Complex, the building will benefit from the housing needs of many in the art community.
Hoboken, NJ – A portfolio of multi-family properties was financed by Brad Domenico, EVP of Progress Capital in the aggregate amount of $23,700,000 for a single owner. Brad negotiated a rate of 2.99% for years 1-5 increasing to 3.99% for years 6-10 based on a 30 year amortization, non-recourse for all but one of the properties. The remaining property located at 901 Bloomfield Avenue required a construction loan to redevelop an existing Church into seven luxury condominiums. The lender advanced funds for the acquisition of the Church and provided enough time for the owner to secure the required approvals for the repositioning into condominiums.
Progress Capital Advisors is a Commercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners and residential developers. Since 1990, Progress has successfully closed in excess of $30 Billion in commercial loans. This volume affords them the knowledge and credibility to negotiate the most favorable terms on behalf of their clients. Progress Capital is fully staffed for all aspects of the loan process which provides their clients with support for every detail from underwriting to closing.