By Joshua Burd
The owner of 11 multifamily buildings in Jersey City has obtained a $21 million loan to refinance the portfolio, in a transaction arranged by Progress Capital.
The commercial mortgage brokerage firm represented the borrower in sourcing the loan for the portfolio. The 11 properties span the city from the southwest area of Greenville to the northern Jersey City Heights area.
Progress Capital Founding Partner Kathy Anderson secured the mortgage loan, which represents an 80 percent loan to value and includes a 20-year term based on a 30-year amortization, according to a news release. Anderson negotiated a five-year fixed rate at 4.35 percent with a 12-month interest only period with rate resets.
The nonrecourse loan also includes a step down prepay, the news release said.
