$1.68 Million Refinance Secured for Mixed-Use Property in East Orange, NJ
Brad Domenico arrange $1,680,000 for the refinance of a 2-story mixed-use building located at 13-23 North Harrison Street in West Orange, NJ.
The property is currently home to 5 ground floor retail units with additional vacant space above which the borrower has made plans to renovate and transform into 12 residential loft style units.
Each of the 12 planned residential units will feature a loft style design with a first-floor kitchen, dining and living area that has a staircase leading up to the bedroom area. The units will offer granite countertop kitchens, upgraded stainless steel appliances, hard wood floors, and high-end finishes throughout. The residential units will have a lobby entry way in the front of the building with elevator access to the second-floor units. In addition, there will be staircase access to the second-floor units in the rear of the building.
The first floor of the building will be home to 9,000+ SF of prime retail space. The current retail space will undergo a complete renovation to modernize the units. Currently, there are 5 store fronts, of which 3 are being kept vacant. In the rear of the building, the property benefits from two parking lots and a total of 33 parking spaces.
Brad worked with Affinity Federal Credit Union to negotiate 18 months Interest-Only with declining pre-pay and 30-year amortization. The loan represents a 75% loan to value ratio.
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