$3.4 Million Secured for Newark Multi-Family Acquisition
Newark continues to be an active area for Progress Capital. With over $100 Million in recent financing, there is obvious momentum behind the revitalization of downtown Newark and surrounding areas. Partner, Brad Domenico arranged a $3,400,000 loan for a valued client with significant commercial real estate investments throughout Hudson, Essex and Bergen Counties, to acquire a multi-family asset in the suburban Weequahic neighborhood.
The loan is secured by a 6-story elevator equipped building with 58 units including 4 studios, 27 one-bedroom and 17 two-bedroom apartments. At a purchase price of $4,500,000 and with the borrower’s equity of $1.2 Million, this loan represents a 75% loan to purchase.
Additional Key Terms of the Loan Include:
- 3.625% Fixed for 7 Years
- 12 Year Term
- 30 Year Amortization
- Declining Prepay
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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