10D — May 16 - 29, 2014 — NJAA CONFERENCE & EXPO — M id A tlantic
Real Estate Journal
www.marejournal.com
NJAA C onference & E xpo We’re Closing Loans More Rates As Low As 2.75%
Progress Capital
The Funding Source
Kathy Anderson , President Kathy@Progressnj.com (732) 720-6301 Brad Domenico , Vice President Brad@Progressnj.com (732) 720-6304
Loan Programs
• Permanent • Construction
Multi-family financing remains plentiful with low rates and many institutions competing for quality properties with good sponsorship. Most industry observers are expecting financing volumes to further expand in 2014 as a result of greater confidence in the economy and markets. The national and regional banks may see more competition in the coming months as the CMBS lenders have become more aggressive about increasing their market share in this sector. Progress is also seeing resurgence in owners converting rental apartment buildings into condos for sale – especially in the urban markets like Hoboken, Jersey City and the Five Boroughs. Each project and
• Multi-Family • Self-Storage • Mixed-Use • Retail • Office/Medical • Industrial/Warehouse • Hotel/Hospitality • Bridge • Rehab • Private Equity • Debt Restructure • Non-Recourse Available
Property Types
Kathy Anderson President/Founder
capital requirement is different and we have been able to structure very creative financing options that afford a combination of low interest rates, unit releases and little or no prepayment or exit fees. As for construction financing, lenders are still mildly cautious when underwriting to be certain to stress for rising interest rates and stabilizing rents, although funds are readily available for projects in good locations. Our experience is that lenders continue to feel good about the market. While there may not be the rent growth and absorption experienced early in the recovery, the overall sentiment is very positive.
Progress Capital Advisors is a Commercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners and residential developers. We take pride in our ability to identify and summarize the objectives of our clients and match them with the appropriate capital source. Progress Capital Advisors, LLC ● 1151 Broad Street, Suite 212, Shrewsbury, NJ 07702 Tel: (732) 389-9701 ● Fax: (732) 389-8899 www. P ROGRESS C APITAL A DVISORS.com
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