$12.4 Million Refinance Secured for Newark, NJ Mixed-Use Property
Brad Domenico arranged $12,400,000 to refinance a newly remodeled four-story luxury apartment building located at the corner of William and Broad Street in Newark, NJ.
The stunning Renaissance building, also known as “William Flats” is comprised of 2 commercial units and 37 residential units. Each flat has been re-constructed to include twelve-foot ceilings, hardwood floors, artistic ceramic tile, as well as modernized kitchens and baths. Amenities include elevator access, a fitness room, tenant lounge and court-yard gardens. The ground level retail space is occupied by a 7-Eleven and Santander Bank.
The building is conveniently located in the heart of the Business District of Newark and is centered around local dining, shopping, banks, retail stores, and both the Prudential Center and New Jersey Performing Arts Center are only a short walk away. Additionally, the property provides easy commuting access to all major highways, bus stops, and Newark Penn Train Station which is located less than a mile away.
Brad worked with Signature Bank to negotiate the following key terms:
- 75% LTV
- 5% Fixed for 5 Years
- 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