18C — March 24 - April 13, 2017 — The Best of 2016 — M id A tlantic
Real Estate Journal
www.marejournal.com
The Best Mixed-Use of 2016
JMF Properties CLARUS Maplewood Whippany, NJ
Progress Capital Advisors 25 Senate Place Jersey City, NJ
Institution: CCRE Financier: Kathy Anderson, Progress Capital
Size: 40,000 SF CLARUS Maplewood was designed not just to be a boutique collection of just 20 upscale rental residences, but an entire residential experience that incorporates health, wellbeing, convenience and luxury. It is located in the heart of Maplewood Village, just steps from the train station with direct service to Manhattan, sur- rounded by coffee shops, sidewalk cafes, shops, galleries, restaurants and more. It was designed to meet the WELL Building Standard® for multi-family residential properties, a designation that ensures the community’s design and function will positively impact human health and wellness. Features such as water filtration, air purification, light control and designated fitness spaces will help improve resi- dents’ sleep patterns, nutrition, fitness and mood.
After arranging a $27.5 Million loan in 2015 for the construction of 25 Senate Place, a Jersey City residential/retail concept, Kathy Anderson of Progress Capital organized the Borrower’s conversion to a $66 Million permanent loan in Novem- ber 2016. Some of the challenges were a) a closing in less than 45 days due to a post-election rising rate environment; b) a fully funded loan at closing without operational history; and c) fully leveraged proceeds to repay investor equity in- cluding preferred returns for the sponsor to realize his promote. “Kathy Anderson and her organization were instrumental in contributing to the overall success of this project,” stated Art Johnson, Managing Partner. “The amount and structure of both the construction and permanent loan allowed us to far surpass our initial financial projections.”
25 SENATE PLACE JERSEY CITY, NJ 265 unit apartment building
YOU DREAM IT WE FINANCE IT PROGRESS. THAT’S
Construccon Loan
$27,500,000 LIBOR + 275 25% guarantee
Permanent Loan
$66,000,000 10 / 30 Non-Recourse
SENATE PLACE
PROGRESS CAPITAL ADVISORS
The Funding Source
ProgressCapitalAdvisors.com
732-389-9701
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