Progress Capital said Tuesday that it has secured a $4.43 million permanent mortgage to refinance two adjacent Irvington medical office properties and purchase the land on which one resides.
Kathy Anderson, managing partner at Progress Capital, negotiated the loan on behalf of the undisclosed borrower.
Of the loan’s proceeds, $1.5 million will be used to acquire the land at 50 Union Ave. The 41-unit, 50,638-square-foot building is currently subject to a ground lease.
The remaining funds will be used to retire existing debt on the properties and fund $350,000 in anticipated tenant improvements, prompted by the leasing of the second floor of 50 Union Ave.
The other property, 40 Union Ave., has 12 units and nearly 20,000 square feet.
Progress Capital is a commercial mortgage banking firm with offices in Tinton Falls and New York City.