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$2,720,000 Arranged for Hoboken Mixed-Used New Construction
Brad Domenico, Partner at Progress Capital, negotiated the amount and terms of the construction loan for a valued client.
By: Matt Sadler
The mixed-use asset will include 2 luxury apartments and 1 street level retail unit. The construction loan term is 18-months interest-only with a floating rate at LIBOR + 3.50% with a floor of 4.5%. Construction is set to begin in February of 2018 with an estimated completion in Q4. This loan represents a 70% loan to project cost.
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
Learn more about this and other closed loans at: