$1,235,000 Arranged for Newark Broad Street Gut Renovated Multifamily Acquisition
Newark, NJ – With over $100 Million secured in financing for commercial real estate assets throughout Newark, Brad Domenico of Progress Capital continues to arrange a large number of loans for valued borrowers to acquire, expand, renovate and fit-out Newark assets in a rapidly developing urban market. Recently, Domenico arranged $1,235,000 for a borrower to acquire the mixed-use multifamily asset at 1183 Broad Street in close proximity to Newark’s Downtown Renaissance.
The subject property, known as ‘The Fulton,’ is a four-story walk-up building with 17 residential units divided into 1 one-bedroom, 13 two-bedroom and 3 three-bedroom apartments. The property was gut renovated prior to acquisition and was provided with new plumbing, heating, kitchens, floors, bathrooms, common areas, building HVAC, windows and roof.
Domenico arranged the $1,235,000 non-recourse permanent loan, representing a 65% loan to purchase price, with Regal Bank of New Jersey. Repayment terms include a declining prepay schedule of 4-3-3-2-1 and 0 thereafter. Additional terms of this loan include:
- 3.875% Fixed for 5 Years
- Rate Reset at 5-Yr UST +250 bps
- 65% Loan to Purchase Price
- 30 Year Term
- 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