10D — November 9 - 22, 2018 — Lender’s Directory — Financial Digest — Mid Atlantic Real Estate Journal


L ender ’ s D irectory

RVINGTON, NJ — Managing partner of Progress Capi tal , Kathy Anderson , secured Anderson negotiates the amount and terms of the loan on behalf of the borrower Progress Capital secures $4,430,000 for Irvington medical office refinance and land acquisition I

Irvington, NJ. 40 Union Avenue is a four- story, 12-unit, 19,982 s/f medical office building built in 1962. The adjacent prop- erty, 50 Union Avenue, is an 8-story medical office building with 50,638 s/f di- vided 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 ac- quire 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

G.S. Wilcox & Co. places $2.5M in financing for Morristown property Morristown, NJ — G.S. Wilcox & Co. announced that it has secured $2.5 million 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 re- tire the existing debt on the properties, acquire the land beneath 50 Union Avenue and fund $350,000 in antici- pated tenant improvements related to the lease out of the second floor of 50 Union Ave. Progress Capital is a lead- ing Commercial Mortgage Banking firm specializing in arranging debt for com- mercial 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.  associate, and Albert Ray- mond , principal, on a 20-year self-liquidating basis through a correspondent lender of the firm. This historic property is optimally located along Speed- well Avenue and steps away from the heart of Morristown, known as “The Green.” The surrounding area boasts vari- ous retail, office and residen- tial space as well as hotel and entertainment venues, and it is well located for transit com- muters with the train station less than half a mile away. “G.S. Wilcox &Co. is pleased to secure this financing for our client in one of the most desir- able areas of Morristown. Our company is headquartered here so we have a strong con- nection to this community and value every opportunity to do business in our backyard,” said Wilcox in a prepared statement.  Wesley Wilcox in financing for a 23,749 s/f mixed use building in Morristown. The financ- ing was ar- r ang e d b y Wesley Wil- cox, senior

a $4.43 mil- l i on pe r - m a n e n t m o r t g a g e to refinance the medical office prop- e r t i e s a t 40 and 50 Union Av-

Kathy Anderson

enue as well as acquire the land upon which 50 Union Avenue resides (currently the building is subject to a ground-lease) in Downtown

40 and 50 Union Avenue


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