$31 Million in Refinancing Arranged for 240-Unit Multifamily Complex
Brad Domenico and Gabby Cali of Progress Capital secured a $31,050,000 loan for a client to refinance Carlton Village Apartments, a multifamily property located at 3331 Route 94, Hamburg, NJ.
The borrower, a seasoned real estate investor with 45 years of investment experience owns and operates in excess of 2,500 units throughout New York and New Jersey. With a keen eye for indemnifying undervalued assets and repositioning them, he has been successful in his strategy of holding such assets in his portfolio for long-term investments for his family-owned business. Carlton Village Apartments, is one investment in which the borrower has owned and managed for over 30 years.
In 1985, the owner purchased the commercial property, as he saw significant potential in the suburban submarket of Hardyston with its location in the picturesque hills and farmlands of Sussex County. Today, the area exhibits an even bigger appeal, confirming his vision was spot on.
“Since Spring of last year, we’ve been seeing an exodus rise coming from residents living in major cities such as Manhattan, Jersey City and Hoboken.” Brad noted. “As the pandemic looms and people continue to work remotely, it’s apparent that most of them are willing to trade the city-life for more living space in locations that aren’t heavily populated and have less overhead.”
The 240-unit apartment complex consists of 21 buildings situated on 37-acres. The unit mix includes (64) studios, (116) one-bedroom units and (60) two-bedroom units, featuring private balconies. Additionally, 475 parking spaces provide ample on-site parking for each tenant. The units combine the essence of estate living with the convenience of mass transit and proximity to NYC.
In addition, residents can practice their golf swing at Wild Turkey Golf Club and Ballyowen Golf Club, sample the offerings at Cava Winery and Vineyard, hike the trails at nearby Wallkill River National Wildlife Refuge and Wawayanda State Park, unwind at Reflections Spa, hit the slopes/water park at Mountain Creek Resort and purchase unique finds at Hamburg Antique Center, all located within minutes of the property. The area is accessible from State Route 94, is located adjacent to the YMCA and provides convenient access to Routes 15, 23 and Interstate 80.
Sussex County is the northernmost county in New Jersey, part of the New York Metropolitan area and the state’s Skylands Region. Living in Sussex County offers residents a dense suburban feel. Hardyston Twp. is an absolutely beautiful town surrounded by breathtaking mountains and lakes. The area has little or no crime and is made up of warm, friendly people who are extremely hospitable.
“I believe we are going to continue to see an influx in the greater New York Metropolitan areas. We’ve been seeing a lot of deals outside the cities come across our desks as the demand for a more suburban lifestyle grows. City adjacent properties are hot commodities for investors right now. Banks are also seeing the potential in such properties, so arranging financing has gotten a little less difficult.” Brad concluded.
Since 1990, Progress Capital has closed over $40 Billion in commercial loans and $150 Million in directly funded bridge loans. As a commercial real estate advisory firm, we can advise you on any real estate investment you are considering and provide the financing advice you need to manage through the commercial real estate acquisition and/or financing process. We consistently get our clients to the closing table… plain and simple!
