Closed Loans

$2.8 Million Refinance of Bloomfield Industrial Property Recaptures $1,000,000 in Equity to Borrower

A $2,800,000 CRE loan was arranged by Brad Domenico of Progress Capital Advisors for a valued client to refinance the mixed-use property at 118 JFK Drive in Bloomfield, NJ. The property, a shared industrial and office facility is a fully occupied 72,000 SF facility leased to two separate tenants subject to existing long-term absolute NNN leases. The proceeds of the refinance will be used by the principal to pay off the existing mortgage on the property and recapture $1,000,000 in equity to fuel the continued expansion of their commercial portfolio. This loan represents 70% of the buildings full appraised value.

Key terms of this loan include:

  • 4.5% Fixed for 7 Years
  • Rate Reset at 5/20 FHLBNY+250BPS & Floor of 4.25%
  • 3-2-2-1-1-1-0 Prepay Schedule
  • 10 Year Term w/ Balloon Payment
  • 25 Year Amortization
  • Full Recourse

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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