$5.265 Million Negotiated With 5 Years Interest-Only For Acquisition of Two-Building Multifamily Complex in Newark
The fully renovated two-building 70-unit apartment complex at 10-36 Osborne Terrace and 9 Hedden Terrace in Newark was recently put on the market. Working with Progress Capital’s Brad Domenico, West of Hudson Properties sought to acquire the subject property – adding it to an already robust North Jersey multifamily portfolio.
Domenico negotiated a $5,265,000 non-recourse permanent mortgage with 5 year interest-only at a fixed rate of 3.86%. The loan represents a 65% Loan to Purchase Price with a 20 year term and 30 year amortization. After the 5 year interest-only period the rate will reset at 6 month LIBOR + 3.25%. In addition, The borrower will adhere to a 3-1-0-0-0 declining prepayment schedule.
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