JERSEY CITY, NJ—Progress Capital has arranged two loans for multi-family projects in NJ totalling more than $50 million.
The first is a $27.5 million construction loan for Senate Place Urban Renewal LLC to develop a five-story apartment building that will contain 265 units in addition to 5,700 sf of retail space.
The rate is 30 day LIBOR plus 275 bps, floating for 24 months with two 12 month extension options and 25% limited recourse. Construction is underway and occupancy is expected during Q3 2015. Located directly across from the Mana Contemporary Fine Art Complex, the building will benefit from the housing needs of many in the art community. Kathy Anderson, Founder of Progress Capital, arranged the financing.
In Hoboken, Progress’ Brad Domenico arranged financing for a portfolio of multi-family properties in the aggregate amount of $23.7 million for a single owner.
Domenico negotiated a rate of 2.99% for years 1-5 increasing to 3.99% for years 6-10 based on a 30 year amortization, non-recourse for all but one of the properties. The remaining property located at 901 Bloomfield Avenue required a construction loan to redevelop an existing Church into seven luxury condominiums. The lender advanced funds for the acquisition of the Church and provided enough time for the owner to secure the required approvals for the repositioning into condominiums.