$2,793,000 Arranged for the Acquisition of Jersey City Multifamily Asset

JERSEY CITY, N.J. - Aug. 15, 2017 - PRLog -- $2,793,000 was arranged for a valued client of Kathy Anderson's to acquire a multifamily asset in the Historic Downtown District of Jersey City.  Built in 1898, the loan is secured by a 5-story brick faced walk-up building with 12 one bedroom and 10 two-bedroom units.  The borrower intends to completely renovate 4 units each year, allowing the borrower to gradually return each unit to full market value over a five year period.

Key terms of this loan include:

·         3.74% Fixed for 5 Years with resets

·         12 Months I/O

·         30 Year Term / 30 Year Amortization

·         75% LTV

·         Sub 1.25X DCR at closing

·         3-2-2-1-1-0 Prepay

·         Non-Recourse

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

https://www.progresscapitaladvisors.com