$4,430,000 Secured for Irvington Medical Office Refinance and Land Acquisition
Kathy Anderson, Managing Partner of Progress Capital, Negotiated the Amount and Terms of the Loan on Behalf of the Borrower.
By: Progress Capital
40 Union Avenue is a 4-story, 12-unit, 19,982 sf medical office building built in 1962. The adjacent property, 50 Union Avenue, is an 8-story medical office building with 50,638 sf divided into 41-units built in 1969. Currently subject to a ground lease, the borrower will use $1,500,000 of the proceeds of the loan to acquire the land at 50 Union Ave and own the property outright.
Anderson negotiated the $4,430,000 loan, a 65% LTV, accompanied by a 5-year fixed-rate at 4.5%. The term of the loan is 10-years with a 25-year amortization. The borrower may re-pay the loan at any time adhering to a 3-2-2-1-1 declining prepay schedule. The proceeds of the loan will be used to retire the existing debt on the properties, acquire the land beneath 50 Union Avenue and fund anticipated tenant improvements related to the lease out of the second floor of 50 Union Ave.
Progress Capital is a leading 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 $40 Billion in commercial loans and deployed over $150 Million through their direct lending platform.
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Page Updated Last on: Oct 09, 2018