$3.5 Million Refinance Arranged for Multifamily Property in Brielle, NJ
Brad Domenico secured $3,500,000 for a valued client to refinance the 29 unit multifamily property located at 715 Union Ave in Brielle, NJ.
The community, now known as “Whaler’s Quay”, was acquired by the client in 2014. At that time, the property was comprised of a mix of permanent efficiency apartments and mobile trailers. The community recently completed construction this year to build the 29 units which now consist of high-end one and two-bedrooms.
Brielle is a borough located in southern Monmouth County. The property’s location is very close to the Manasquan River, as well as the beaches of the Jersey Shore. It is a quick bike or car ride to both the Manasquan or Point Pleasant Beaches along with their wonderful shops and restaurants.
Brad worked with a local Savings Bank to negotiate the following key terms:
- 70% LTV
- 375% Fixed for 7 Years
- Declining Prepay
- 30 Year Amortization
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