$21.5 Million Construction Loan Secured for Fairview, NJ Multifamily Property
Brad Domenico negotiated a $21,500,000 construction loan for a valued client’s growing multifamily portfolio.
The property is located at 520 Cliff Street in Fairview, NJ and sits on a 2.44-acre site, in the sought-after Bergen County. Construction on the site includes development of a 5-story multifamily building consisting of 140,540 SF of living space. The mid-rise will be comprised of 111 residential units, including an outdoor swimming pool and above-grade parking garage. This property is a great location for commuters and views of the NYC skyline.
Brad negotiated the loan to include the following key terms:
- 75% LTC
- 24 Month I/O Period
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