$4.835 Million Secured for Mixed-Use Portfolio in Bergenfield, NJ
Brad Domenico arranged $4,835,000 in financing for a three-building portfolio consisting of 36 multifamily units, 3 commercial units and an adjacent single-family home.
The largest of the portfolio properties is 1 Murray Hill Terrace, a three-story building with 27 units including studios and one to three bedroom apartments. Distinct in its Revival-era architecture, the U-shaped building offers courtyard lobby entry, on-premises parking and laundry facilities.
The property is situated at the corner of Murray Hill and East Clinton Avenue, and is just two blocks east of the South Washington Avenue buildings. The properties located at 117 South Washington Ave. are comprised of two studio, five one-bedroom and two two-bedroom units, as well as three street-level commercial units and the adjacent house.
All properties are conveniently located near NJ Transit bus service which is available to and from Port Authority Bus Terminal in Midtown Manhattan.
Brad worked with Red Capital to negotiate the following key terms:
- 80% LTV
- 20 Year Term
- 30 Year Amortization
- 14% Fixed for 7 Years
- 2 year I/O Period
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