$1.3 Million Refinance Secured for Newark, NJ Retail Property
Brad Domenico arranged $1,312,500 for the refinance of a retail property located at 181-183 Market Street in Newark, NJ.
The property is a 3-story building consisting of 6,450 SF with 2 ground floor retail storefronts comprised of 2,900 SF. The two floors above contain 2 undeveloped units totaling 3,550 SF. The two retail units on the ground floor are occupied by a restaurant and a beauty supply store.
The property is located on Market Street, which is located in the downtown section of Newark, a high retail area which offers a variety of retail shops for residents. The area includes Dunkin Donuts, McDonald’s, Chipotle and many more. In addition to the wide variety of retailers in this area, there are also a number of restaurants, bars and night life including higher end restaurants which cater to the crowds attending some of the major venues of Newark.
The downtown section of Newark is home to Newark’s major cultural venues – the New Jersey Performing Arts Center, The Prudential Center, the Newark Museum, and the New Newark Convention and Visitors Bureau. Downtown is also home to Seton Hall University School of Law. Most buses pass through the downtown section of Newark which also makes it the principal shopping district for most Newark area residents.
Brad worked with Signature Bank to negotiate strong terms for his client which included a fixed rate of 4.50% for 5 years with a 30-Year Amortization and 10-Year Term. The loan represents a 75% loan to value ratio and is non-recourse.
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress