$6 Million Construction Loan Secured for Pompton Lakes, NJ Multifamily Building
Brad Domenico arranged a $6,000,000 construction loan for a proposed multifamily apartment building located at 30-32 Colfax Avenue in Pompton Lakes, NJ.
The property is currently a 39,356 SF square lot with a pair of commercial buildings that are scheduled to be razed (demolished). The client plans to develop a distinguished 52 unit elevatored building and establish the residential development as “The Colfax Residencies”. The site will include 51 on-site parking spaces and 8 on-street spaces along its street frontages. Other improvements will consist of curbing, internal walkways, landscaping and enclosed areas/bins for trash and bike racks. Further features include a nicely-appointed lobby and common hallways with ceramic or luxury vinyl tile flooring, designer lighting, heat and central air-conditioning.
Pompton Lakes is a well populated NYC tri-state area suburb situated in the middle of Passaic County, about 25 miles from Midtown Manhattan. This close-knit community boasts beautiful lakes where people are familiar with all their neighbors. While a charming downtown area occupied with a variety of stores makes shopping pleasant and convenient.
Brad worked with Trevian Capital to ensure a strong financial package for his client.
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