Scott Seale & Steven Hess Secure $1.1M Loan From Spencer Savings Bank For Mixed-Use Property In Passaic, NJ

The mixed-use property located at 68-74 Broadway in Downtown Passaic, Passaic, NJ has recently undergone a closed transaction. The property consists of a versatile space that can be used for both residential and commercial purposes. The deal was facilitated by broker Caillin Boles from Progress Capital, who represented the buyer and seller.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $1,100,000
• Loan Amount: $1,100,000
• Loan Terms: 3.75% Fixed for 7 Years, 70% LTV, 30 Year Amortization, Non-Recourse
• Lender: Spencer Savings Bank
• Landlord: Scott Seale & Steven Hess
• Broker: Caillin Boles from Progress Capital

The financing for this transaction was provided by Spencer Savings Bank, with a loan amount of $1,100,000. The loan terms included a favorable fixed interest rate of 3.75% for 7 years, with a loan-to-value (LTV) ratio of 70%. The amortization period was set at 30 years, and the loan was structured as non-recourse. This financing arrangement allowed the parties involved to proceed with the purchase of the property.

For any commercial real estate financing needs, interested parties can contact Caillin Boles at Progress Capital. Caillin has extensive experience in the field and can provide valuable assistance in securing financing for various types of properties. He can be reached at 732-539-6920 or via email at [email protected].