Progress Capital Funds $2.3M for acquisition of vacant Jersey City gas station site
TINTON FALLS, NJ —Kathy Anderson, managing partner of Progress Capital, approved a $2.3 million Bridge Loan, funded by Progress Capital’s direct lending platform, ‘Progress Direct’, for 350 Pavonia Group, LLC to the acquire the gas station at 348 Baldwin Avenue in Jersey City. At the time of the acquisition the gas station was vacant with approvals to construct a 45-unit multifamily building. The interest-only Progress Direct loan represents a 90% loan to current “as-is” property value. The term of the loan is 12 months accompanied by a fixed-rate of 12%.