JERSEY CITY, NJ—Progress Capital has arranged two loans for multi-family projects in NJ totalling more than $50 million.
The first is a $27.5 million construction loan for Senate Place Urban Renewal LLC to develop a five-story apartment building that will contain 265 units in addition to 5,700 sf of retail space.
The rate is 30 day LIBOR 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. Kathy Anderson, Founder of Progress Capital, arranged the financing.
In Hoboken, Progress' Brad Domenico arranged financing for a portfolio of multi-family properties in the aggregate amount of $23.7 million for a single owner.
Domenico negotiated a rate of 2.99% for years 1-5 increasing to 3.99% for years 6-10 based on a 30 year amortization, non-recourse for all but one of the properties. The remaining property located at 901 Bloomfield Avenue 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.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
