Progress Capital arranges $14 million commercial loan for Jersey City multifamily property
Jersey City, NJ Kathy Anderson, founding partner at Progress Capital, secured $14 million in refinancing for the property located at 253 Academy St., owned by Pointe Developers, LLC.
Challenges
- Building is newly constructed and not fully stabilized
- Construction loan was maturing
- Rising interest rate environment
Solutions
- Bank agreed to fund based on leases in place with earnout in order to repay construction loan prior to maturity
- Loan included 12 months I/O to allow time for full stabilization
- Rate was locked in at Term Sheet and honored during a tumultuous treasury market
The newly constructed 79-unit building known as ‘The Moxie at Journal Square’ made headlines as being the latest innovative addition to Jersey City’s urban landscape.
This modular building contains 77 studio units and 2 larger apartments that were constructed in pre-fabricated segments and assembled as stand-alone modular units. The community features amenities including rooftop grills, hi-tech smart gym, secure bike storage facility and concierge service.
The property is positioned in Bergen Sq., one of the most emerging markets in Jersey City for gentrifying at a rapid pace. The Moxie at JC features detail, form and function for providing a unique urban residence, while also offering a pedestrian-friendly experience with nearby bicycle accessibility, bus service and JSQ Path Station.
Anderson has more than 25 years of banking and finance lending experience. Her proficiency in originating and structuring commercial loans with regional banks, insurance companies and investment banking firms has earned her recognition within the industry. Highly regarded by both her clients and lending sources, Kathy also serves on the Board at Regal Bank, headquartered in Livingston, NJ, has been retained as an expert legal witness in commercial real estate litigation and is frequently featured as a speaker at industry conferences.