$3.7 Million Arranged for Acquisition of Two North Jersey Properties
A valued client sought Brad’s real estate expertise in acquiring a ‘Dollar General’ property in Elizabeth, NJ and a multifamily building in Perth Amboy. Domenico secured $3,700,000 in two loans to complete the acquisitions.
The first property, located in Elizabeth, NJ is a 8,620 SF newly completed retail building subject to a long term triple-net lease with ‘Dollar General.’ The second subject property, is a two-story 12,000 SF multifamily building with (10) two-bedroom units and (2) one-bedroom units. At the time of purchase the properties were 100% leased.
Domenico negotiated $2,075,000, representing 65% LTV for the Dollar General location in Elizabeth, while securing $1,625,000, also representing a 65% LTV for the apartment building in South Amboy. Both loans are accompanied by a 5-year fixed-rate at 4.50% on a 25-year term based on a 25-year amortization. The borrower will adhere to a declining pre-pay schedule for both.
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