$2.9 Million Arranged for Mixed-Use Property in Passaic, NJ
Brad Domenico secured $2,960,000 for a four-story, mixed-use building located on the ideal Market Street in the downtown area of Passaic, NJ.
The property, located at 87-91 Market Street is comprised of 12 residential apartment units and 1 commercial unit on the ground floor occupied by Metro PCS. The building has all new units and offers 12 parking spaces for the tenants which are included in their rent. The building is conveniently situated in the heart of the central business district and major shopping destination with a wide variety of retail stores, boutiques, restaurants and bars, department stores, supermarkets, and much more. It is also in walking distance to schools and several different sources of transportation.
Brad worked with Red Capital Markets LLC to negotiate the following key terms:
- 80% LTV
- 59% I/O for 7 Years
- 30 Year Amortization
- Non-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
