By Joshua Burd
Progress Capital Advisors has secured more than $7 million for a client to refinance a four-building multifamily and retail portfolio in Jersey City, the firm announced.
The portfolio, owned by JR City Properties, includes a mixed-use building at 456-462 Laidlaw Ave. and three multifamily buildings at 84 Waldo St., 30-41 Bleecker St. and 37 Paterson St., Progress said in a news release. The properties encompass a total of 56 residential units and 3,500 square feet of ground-floor retail space.
Progress Managing Partner Kathy Anderson packaged the $7.23 million in loans on behalf of JR City Properties. All four loans include a five-year fixed rate at 4.125 percent accompanied by a 10-year term and 30-year amortization, while the rate will reset for years six through 10.
JR City Properties will use the loan proceeds to refinance the existing debt on the assets and cash out a significant amount of equity to fuel the continued expansion of its multifamily portfolio.