Closed Loans

$11 Million Secured for Client’s Essex County Multifamily Portfolio

Brad Domenico arranged a total of $11,000,000 for a valued client to acquire 3 multifamily properties in East Orange, NJ and 1 in Irvington, NJ.

Between the 4 properties, there are 130 units total. The property located at 405 Stuyvesant Avenue in Irvington, NJ was built in 1960 and consists of 4 buildings. Each multifamily building has 2 stories and there are 33 units total. The property located at 161 No. Arlington Avenue is a single building that was built in 1960. This walk-up apartment building has 2-stories and contains 32 units. The property located at 365 Park Avenue consists of 2-buildings with 3-stories. Built in 1940, it is also a walk-up building consisting of 40 units total. The property located at 376 Park Avenue consists of a 1-building, 4-story Multi Family – Units (walk-up apartment building) built in 1930 containing 25 units.

Essex County has excellent accessible public transportation. Each building is about an 8 minute walk to East Orange Train Station with a 30-minute ride or less to Penn Station Manhattan and located under 10 miles to Newark International Airport.

Brad worked with Red Capital to negotiate the following key terms:

  • 4.56% Fixed for 7 Years
  • 2 Years I/O
  • 30 Year Amortization
  • 80% LTV

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

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