Progress Capital Secures $4.3M Acquisition, Construction Financing for Multifamily Building in New Jersey

PASSAIC, N.J. — Progress Capital has secured $4.3 million in land acquisition and construction financing for a four-story multifamily building in Passaic. Construction is scheduled to begin immediately on the building, which will include 40 residential units. The property is expected to be completed in the second quarter of 2019. Progress Capital arranged a 36-month, interest-only loan, which floats at one-month LIBOR plus 310 basis points. The lender was Tri-State Capital, and the borrower was Future Realty LLC.