The owner of a portfolio at 1327 Willow Ave., 221 Washington St. and 1224 Washington St. in Hoboken has refinanced for $14 million. — Courtesy: Progress Capital
By Tina Traster
Progress Capital has negotiated $14 million in refinancing for a client’s commercial real estate property portfolio consisting of three mixed-use assets in Hoboken.
According to the debt placement team, which included Brad Domenico and Frank Stanislaski, Valley National Bank provided the financing accompanied by favorable terms including a two-year interest only period. The properties are located at 1327 Willow Ave., 221 Washington St. and 1224 Washington St.
“Valley National Bank was able to provide aggressive but flexible terms for the borrower and his team to complete their business goal,” Domenico said. “It was a win-win deal.”
Tallying together, the properties have four commercial units and 40 residential apartments, ranging from one- to four-bedroom units.
The buildings are situated in uptown Hoboken with easy access to numerous forms of public transportation, including the Hoboken PATH and bus service to New York City. Hoboken Bike and Lime scooters are also available on almost every corner.
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and staffer at the Bergen Record.
