Progress Capital packages $7.23M in loans
JERSEY CITY, NJ — Kathy Anderson, managing partner at Progress Capital, packaged $7.23 million in loans to refinance four Jersey City multifamily buildings on behalf of JR City Properties. The four properties include a mixed-use building at 456-462 Laidlaw Ave. and the three multifamily buildings at 84 Waldo St., 30-41 Bleecker St. and 37 Paterson St. The properties encompass a total of 56 residential units and 3,500 s/f ground-level retail space. All four loans include a 5-year fixed rate at 4.125% accompanied by a 10-year term and 30-year amortization. The rate will reset for years 6-10. The loan is non-recourse and may be prepaid at any time adhering to a declining prepay schedule.The loan proceeds will be used by 'JR City Properties' to refinance the existing debt on the assets and cash-out a significant amount of equity to fuel the continued expansion of an already robust multifamily portfolio.