JERSEY CITY, NJ — Negotiating on behalf of the borrower, Kathy Anderson, founding partner of Progress Capital, secured $21 million to refinance 11 multifamily buildings in Jersey City.
Jersey City is the second most populous city in the state of New Jersey, after Newark. The 11 properties span the city from the southwest area of Greenville to the northern Heights area close to Washington Square Park. The $21 million CRE Mortgage represents an 80% LTV and includes a 20-year term based on a 30-year amortization. Anderson negotiated a 5-year fixed-rate at 4.35% with a 12-month interest only period with rate resets. The non-recourse loan also includes a step down prepay.