$1.7 Million Secured for Multifamily Portfolio in Montclair, NJ

Brad Domenico, Partner of Progress Capital arranged $1,700,000 in financing for a valued client’s multifamily portfolio in Montclair, NJ. The loan represents a 75% loan to value ratio. 

The portfolio consists of two properties located in Montclair, NJ. The first property is a 3,049 SF legal 2-family dwelling located at 30 Cloverhill Place and is within walking distance to NYC trains. The second property is a 2,841 SF single-family residence previously owned by John Vizzone, Creative Director for Ralph Lauren, who recently had it renovated to include an open floor plan, 10 ft ceilings, high-end appliances and sweeping NYC views.

Brad worked with Oritani Bank for the multifamily property to negotiate the following key terms:

• 4.5% Fixed for 7 Years
• 75% LTV
• 30 Year Amortization
• Non-Recourse

Brad worked with Spencer Savings Bank for the single-family property to negotiate the following key terms:

• 4.625% Fixed for 7 Years
• 75% LTV
• 30 Year Amortization

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