Kathy Anderson Negotiates 80% Loan to Value in Refinance of 3 Property Passaic Portfolio

Passaic Portfolio
Passaic Portfolio
PASSAIC, N.J. - Feb. 22, 2018 - PRLog -- 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%.

This loan is accompanied by 3 years interest-only with a 10 year term and 30 year amortization. The loan is non-recourse with standard carve-outs, assumable and the borrower will also adhere to a declining pre-pay schedule.

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

Visit Progress Capital Online (http://www.progresscapitaladvisors.com)

Matt Sadler
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Tags:passaic, NJ, Multifamily, Progress Capital
Industry:Real Estate
Location:Passaic - New Jersey - United States
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