By Joshua Burd
Progress Capital Advisors has closed on a $2.3 million loan for a client to acquire a gas station in Jersey City, where it has approvals to build a 45-unit apartment building.
The firm announced that it had provided the bridge loan to 350 Pavonia Group LLC for the acquisition at 348 Baldwin Ave. Kathy Anderson, Progress Capital’s managing partner, approved the interest-only financing through the firm’s direct lending platform.
The transaction represents a 90 percent loan-to-value ratio based on the current “as-is” value, Progress said. The term of the loan is 12 months accompanied by a fixed-rate of 12 percent.
“We are pleased to be able to close this loan in under 30 days for our client so he could complete a somewhat complicated purchase of a gas station with storage tanks intact,” Anderson said.
