$12.5 Million Construction Loan Secured for Jersey City Multifamily Project
Brad Domenico arranged a $12,500,000 construction loan for a 44,200 SF multifamily property to be built at 348 Baldwin Avenue in Jersey City, NJ.
The loan will be used to fund the acquisition/construction of a new 5-story multifamily building that will contain 45 units and 21 on-site parking spaces. The property has all necessary approvals for the construction and is currently shovel ready. The building’s residential unit mix will contain 15‐two bedroom/two‐bathroom units and 30‐one bedroom/one‐bathroom units. The residential units range from 712‐1156 square feet, with common area roof deck space.
The property is located in the prime Journal Square area of Jersey City close to the PATH station, Interstate 78 and walking distance to ‘The Village’ section which contains numerous bar/restaurants and the Newport Centre mall.
Brad worked with TriState Capital to negotiate a 2 Year Interest-Only period with an 80% loan to value and 73% loan to cost with no prepayment penalty.
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