Closed Loans

$4.55 Million with 3.75% Fixed for 5 Years Secured for Haledon Multifamily Acquisition

A $4,550,000 permanent mortgage loan was arranged by Brad Domenico of Progress Capital for the acquisition of the newly constructed multifamily building at 2 John Street in Haledon, NJ. With 41,000 SF the property features a unit mix of (2) one-bedroom and (28) two-bedroom loft-style residential units with 5,000 SF of multipurpose commercial/retail space on the ground level. The property includes 65 gated parking spaces, 30 of which are allocated 1-per residential unit while the remaining 35 are rentable at $75 per month.

This loan represents a 70% loan to value with the following terms:

  • 3.75% Fixed for 5 Years
  • Rate Reset UST +190bps w/ Floor of 3.75%
  • 3-2-2-1-1 Prepayment Schedule
  • No PPP at each 5 Year Term or in Last 6 Months
  • Non-Recourse
  • 30 Year Term
  • 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

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