40 Union Ave. in Irvington — Courtesy: Progress Capital
By Joshua Burd
Progress Capital Advisors has secured more than $4 million for a client to refinance and upgrade two medical office properties in downtown Irvington.
In a news release, the commercial mortgage banking firm announced the $4.43 million mortgage for the properties at 40 and 50 Union Ave. The sites include a four-story, 19,982-square-foot building and an adjacent eight-story building with 50,638 square feet, respectively.
Kathy Anderson, Progress Capital’s managing partner, negotiated the loan for the Tinton Falls-based firm. The financing has a 65 percent loan-to-value ratio and is accompanied by a five-year fixed rate at 4.5 percent.
The borrower will use the proceeds to retire the existing debt on the properties, acquire the land beneath 50 Union Ave. and fund $350,000 in anticipated tenant improvements related to the lease-up of the second floor of the larger building. Anderson noted that 50 Union is currently subject to a ground lease.