Newark Apartment Complex Refinanced for $4,810,000
Progress Capital Partner, Brad Domenico, arranged a $4,810,000 non-recourse permanent mortgage for a client to refinance their multifamily property at 469 Elizabeth Avenue in the Weequahic Section of Newark, NJ.
The subject property is a 6-story brick elevator building containing 58 residential units. The unit mix includes (38) 1-bedroom units, (8) 2-bedroom units and (12) 3-bedroom units. The building sits along the popular Weequahic Lake and adjoining park and is within close proximity to downtown Newark, transit into NYC and Newark Liberty International Airport.
Since being acquired, the building has undergone a series of capital improvements including a new roof, upgrades to the boiler and hot water system, installation of security cameras and key fob entry system, repainting of all common areas, elevator improvements and installation of Entech heat regulating systems. Additionally, 14 apartments to-date have been completely renovated.
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