$1.776 Million Secured in Refinancing for a 3 Property Portfolio in Passaic, NJ
Passaic, NJ – Brad Domenico arranged $1,776,000 Million in refinancing for 3 multifamily properties located in Passaic, NJ.
- 74 Fourth Street, Passaic, NJ is a three-story residential building comprised of 6 units containing a mixture of two 2‐bedroom and four 3‐bedroom units, each with 1‐bathroom.
- 86 Fourth Street, Passaic, NJ, a three-story walk-up building consisting of 6 residential units made up of three 2-bedroom and three 3-bedroom units with 1 bathroom.
- 158 Third Street, Passaic, NJ is a two-story walk up apartment building consisting of six 1-bedroom and 1-bathroom units.
The properties are all attractively located within a half mile of Main Avenue, one of the main thoroughfares of Passaic. Main Avenue is ideally located in the downtown section of Passaic and offers numerous conveniences including various shops, supermarkets, restaurants and the U.S. Post Office.
Ideally located within walking distance of public transportation including the Passaic train station and numerous bus stops. The properties are situated within close proximity of State Route 21, which runs along the Passaic River and provides access to the Garden State Parkway, US‐46 and NJ‐3. Newark Liberty International Airport is also less than a thirty‐minute drive away.
The borrower purchased all three properties in 2016 and has injected capital improvements totaling $100,000. The loan proceeds will be used to refinance the current debts on the properties and fuel the expansion of his real estate portfolio with the remaining funds.
Brad worked with Spencer Savings Bank to negotiate favorable terms, including non-recourse, which was an important factor for the client.
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