$4,270,000 for Student Housing Acquisition
Progress Capital’s Brad Domenico secured a $4,270,000 permanent loan for a valued borrower to acquire ‘Barclay Residential Hall,’ representing a loan to purchase price of 70%. ‘Barclay Residential Hall’ is located within Paterson’s hospital redevelopment zone surrounded by national retailers such as Walgreens and Subway, newly constructed medical offices and retail space.
The subject property, a newly constructed six story building with 14 studios and 28 one-bedroom apartments, is currently master leased to New York Medical College on a 15-year term.
Additional terms of this loan include:
• 3.83% Rate Fixed for 5 Years
• 10 Year Term
• 30 Year Amortization
• 70% Loan to Purchase Price
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
View Press Release