$5.35 Million Refinance Arranged for Retail Portfolio
Brad Domenico negotiated a total of $5,350,000 for a valued client to refinance 2 retail properties in Paterson, NJ and 1 in Orange, NJ.
The property located at 331-347 Main Street in Orange, NJ is a brick retail strip consisting of 16 retail units totaling 11,038 SF. The property is situated on Main Street in the Orange Downtown Business District which is a major destination in the area for retail, restaurants, department stores, supermarkets and grocery stores, banking institutions, food chains and much more. The property benefits from heavy pedestrian traffic and great visibility in a prime location in the densely populated area of Orange, NJ.
The first property is located at 404-408 Main Street in Paterson, NJ. This newly constructed 8,850 SF retail building consists of a single unit that is occupied by a Family Dollar Store. Main Street is positioned in the downtown area of Paterson, a very dense area of retail stores.
The second property in Paterson is located at 355-367 Market Street. The 2-unit retail building is approximately 22,663 SF and is also located in the downtown area of Paterson. The unit mix consists of a supermarket and variety store.
Paterson is the largest city in Passaic County. As of the 2018 United States Census the population was 148,678 rendering it New Jersey’s third-most-populous city and has the second-highest density of any U.S. city with over 100,000 people, behind only New York City.
Brad worked with Signature Bank to negotiate 75% LTV, 30 Year Amortization and 4.875% Fixed Rate for 5 Years for all properties.
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