$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
 
 
Rendering of Construction at 302-304 Garden Street Hoboken, NJ
Rendering of Construction at 302-304 Garden Street Hoboken, NJ
HOBOKEN, N.J. - April 16, 2018 - PRLog -- Brad Domenico of Progress Capital Advisors arranged a $2,720,000 construction loan for a valued client to construct a new 5-story mixed-use building at 302-304 Garden Street. The subject property is currently a vacant parcel as the previous structures have already been demolished.

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

Visit (http://www.progresscapital.com)

Learn more about this and other closed loans at:
(http://www.progresscapital.com/closed-loans)


Contact
Matt Sadler
***@progresscapital.com
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Tags:Mixed Use, Hoboken, Construction Loan
Industry:Real Estate
Location:Hoboken - New Jersey - United States
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