8B — September 12 - 25, 2014 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
NJ A partment & M ultifamily S ummit Kathy Anderson, founder, arranges $35 million and $27.5 million loans Progress Capital closes three loans totaling $86,200,000
M
ANHATTAN, NY –A $35 Million fixed rate loan was arranged by
Kathy Anderson , founder of Progress Capital for the 20 storyHistoric LandmarkOffice Building located at 220 Fifth Ave. The non-recourse loan has a term of 15 years based on a 30 year amortization. The funds were used to refinance an existing CMBS mortgage with Berkadia Commercial Mortgage . This iconic office building has been owned by the same family since 1991. The owners worked with Progress Capital over a 6 month period.
220 Fifth Ave.
901 Bloomfield Ave.
265-unit building
The owners finally chose to accept a loan with Investors Bank which provided the flexibility and personal service they required. Formerly known as the Croisic Building, 220 Fifth Ave. was constructed in 1912. The family is planning a renovation of the lobby and common spaces for the coming year. JERSEY CITY, NJ – A $27,500,000 construction loan was arranged by Kathy An- derson for Senate Place Urban Renewal, LLC to develop a five-story apartment building that will contain 265 units in addition to 5,700 s/f of retail space. The rate is 30 day LI- BOR 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. HOBOKEN, NJ – A port- folio of multi-family proper- ties was financed by Brad Domenico, EVP of Prog- ress Capital in the aggregate amount of $23,700,000 for a single owner. Brad negotiated a rate of 2.99% for years 1-5 increasing to 3.99% for years 6-10 based on a 30 year amor- tization, non-recourse for all but one of the properties. The remaining property located at 901 Bloomfield Ave. 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. n
approved
My loan was declined
$27,500,000 Limited Recourse Construction Loan 265 units Jersey City, NJ
$6,277,000 Non-Recourse Real Estate Portfolio Totaling 81 units Irvington, NJ
Loan Programs • Permanent • Construction
• Bridge • Rehab • Private Equity • Debt Restructure • Non-Recourse Available
Rates As Low As 2.75%
Property Types • Multi-Family • Retail • Self-Storage $5,900,000 Non-Recourse Acquisition Loan 72 units Matawan, NJ Progress Capital | The Funding Source (732) 389-9701 • Office/Medical • Mixed-Use • Industrial/Warehouse • Hotel/Hospitality
$6,000,000 Non-Recourse Construction/Perm 56 units Passaic, NJ
Kathy Anderson • Brad Domenico
www. P rogress C apital A dvisors.com
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