400 Claremont Squeaks Through $160M Refinancing Just Ahead of Rate Hike

Real Estate Capital USA

The sponsor locked in a $160m loan from Progress Capital just before the Federal Reserve raised rates by 75 basis points last week.

400 Claremont Holdings closed a $160 million loan on a Jersey City, New Jersey, apartment complex just before the Federal Reserve raised interest rates by 75 basis points, timing that allowed the local manager to save about $16 million in financing costs over the term of the loan.

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