$6,980,000 Arranged for Refinance of Renovated West New York, NJ Multifamily Asset
West New York, NJ – A $6,980,000 small balance loan was arranged by Brad Domenico, Partner of Progress Capital for a valued borrower to refinance a New Jersey multifamily asset on Palisades Ave. The loan is secured by a recently constructed 4-story elevator building comprised of 3 one-bedroom, 18 two-bedroom and 9 three bedroom units accompanied by 47 secure ground floor parking spaces.
The borrower intends to utilize the proceeds of the loan to retire existing debt on the property and recapture equity to fuel continued expansion of their commercial real estate portfolio. Domenico arranged a 12-month interest only period to allow the borrower time to fully lease all units before entering into a permanent 20 year term. Terms of the permanent loan include:
- 3.9% Fixed for 5 Years
- Prepay 3-1-0-0-0 – 0% thereafter
- 20 Year Term
- 30 Year Amortization
Progress Capital is a commercial real estate mortgage 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