Progress Capital arranges $14 million commercial loan for Jersey City multifamily property

0
Kathy Anderson

Kathy Anderson, founding partner of Progress Capital, secured a $14,000,000 refinance for the property at 253 Academy Street, Jersey City, NJ, owned by Pointe Developers, LLC.

Challenges

  • The building is newly constructed and not fully stabilized
  • The construction loan was coming due
  • Rising interest rate environment

Solutions

  • The bank has agreed to finance on the basis of the leases in place with an earn-out in order to repay the construction loan before maturity
  • Loan included 12 months I/O to allow full stabilization
  • The rate was locked at Term Sheet and honored during a turbulent Treasury market

Just over a year ago, 253 Academy Street went from Blah to Ah! The newly constructed 79-unit building, known as “The Moxie at Journal Square,” has grabbed headlines as the latest innovative addition to Jersey City’s cityscape.

This modular building contains (77) studios and (2) larger apartments which were constructed in pre-engineered segments and assembled into self-contained modular units. The community offers plenty of amenities, including rooftop barbecue grills, a high-tech smart gym, secure bike storage, and concierge service.

The property is located in Bergen Square, a sub-district of Journal Square known as one of Jersey City’s most emerging markets for its rapid pace of gentrification. The Moxie at JC features uncompromising detail, form and function to provide a unique urban residence, while simultaneously providing a walkable experience with nearby bike access, bus service and the JSQ Path station.

Kathy Anderson, founding partner, has over 25 years of experience in banking and financial lending. His proficiency in originating and structuring commercial loans with regional banks, insurance companies and investment banks has earned him recognition within the industry. Highly valued by both her clients and lending sources, Kathy also sits on the board of directors of Regal Bank, headquartered in Livingston, NJ, has been retained as an expert legal witness in commercial real estate disputes and is frequently featured as a speaker at industry conferences.

(Visited 1 time, 19 visits today)

Share.

Comments are closed.