$1,325,000 Non-Recourse Arranged for Newark Refinance
Friedlam Partners entered into a partnership with an institutional investor on a four story, 16-unit multifamily building in Newark. At acquisition, the property was in poor condition, having been mismanaged by previous ownership. After renovating common areas and more than half of the building’s units, our client used their management and leasing experience to increase the asset’s revenue by more than 25%.
Friedlam Partners contacted Brad Domenico of Progress Capital to source the perfect lending partner. Domenico knew getting a lender comfortable with the ownership structure, as well as the requested terms, may prove to be challenging. Domenico has a deep understanding of the marketplace, while also knowing the proper way to structure and present the opportunity. It didn’t take long before he identified the right lender that could offer the proper terms.
The financing structure allowed Friedlam Partners to refinance the original debt; retire their institutional partner; recapture equity and lock in a fixed rate non-recourse loan.
· 71% LTV
· 0% Fixed
· 10 Year Term
· 30 Years Amortization
“As we wanted to essentially buy out our partners by refinancing the loan, I knew it was critical to work with a firm who would take the time to fully understand the intricacies of the deal. Working with Brad and Jake on prior deals and seeing their attention to details gave us the confidence that they would get our deal closed with favorable terms,” mentioned Nathan Friedman of Friedlam Partners.
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