$7.15 Million Assumption Loan Secured for East Orange, NJ Multifamily Building
East Orange, NJ – Brad Domenico arranged $7,150,000 in financing for a valued client to acquire a 42-unit multifamily building located at 120 Halstead Street in East Orange, NJ.
The property was a former office building that was fully renovated to become an apartment building offering one and two-bedroom units. Located in a designated Opportunity Zone, this property has a number of desirable characteristics including convenient access to mass transportation, a number of highways, and its proximity to New York City. The long-term outlook for the neighborhood is considered stable, and demand is expected to fall in line with regional trends.
At the time of closing, the existing structure on the lot was delivered vacant and will be demolished as part of the ground-up redevelopment project. The adjacent lot was delivered as a vacant parcel of land at time of closing and is planned to be comprised of 10,000 SF GBA. The redeveloped building will offer six (6) high-end residential duplex units which the borrower intends to market for sale each as individual condos upon completion.
East Orange is a diverse cultural mecca, representing countries from around the globe and combining the best of urban and suburban living. The city boasts a low crime rate, spacious, affordable housing, main commercial corridors, transit access, and historic green spaces that perfectly position the city for an urban renewal.
For assumable loans, the lender needs to ensure the borrower has the financial means to repay the loan, and that they aren’t going to be a serious financial risk. Brad worked with Wells Fargo to assess the financial records and get the deal done. The loan amount represents 80% loan to value ratio.
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