$5,965,000 Secured for Gut Renovated Newark Central Business District Mixed-Use Asset
While there has been some softening in multifamily developments throughout the US as more supply hits the market in Q4, Newark is experiencing a surge in sales, acquisitions and construction lending particularly within this sector. Recently, Brad Domenico completed the financing of a re-positioned mixed used (multifamily/retail) asset on Halsey Street right in the heart of the downtown Central Business District. The borrower, having previously acquired the property in 2016, completed gut renovations of the building in August of 2017 and sought to enter into a permanent mortgage.
Working with Sabal Capital, Domenico arranged a $5,965,000 non-recourse loan with 24 months interest-only. The loan is secured by the aforementioned property – a four story mixed-use building with 5 one-bedroom and 11 two-bedroom loft style apartments with three street level retail units. Currently a Krauzer’s convenience store and the restaurant Harvest Table occupy the retail space.
Highlights of this loan terms include:
- 3.95% Fixed for 7 Years
- 20 Year Term
- 24 Months Interest Only
- Declining Pre-Pay (no penalty last 3 months)
- 30 Year Amortization
- 75% Loan to Value
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