Progress Capital secures $4,430,000 for Irvington medical office refinance and land acquisition
IRVINGTON, NJ — Managing partner of Progress Capital, Kathy Anderson, secured a $4.43 million permanent mortgage to refinance the medical office properties at 40 and 50 Union Avenue as well as acquire the land upon which 50 Union Avenue resides (currently the building is subject to a ground-lease) in Downtown Irvington, NJ. 40 Union Avenue is a four-story, 12-unit, 19,982 s/f medical office building built in 1962. The adjacent property, 50 Union Avenue, is an 8-story medical office building with 50,638 s/f 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.