$7,200,000 | 3.46% Rate | 80% LTC for Paterson Multifamily Acquisition
Progress Capital Partner, Brad Domenico, secured a $7,200,000 non-recourse permanent mortgage for a valued client to acquire the four-story 73,790 SF brick multifamily building at 220 Straight Street in downtown Paterson. The subject property contains 76 residential units divided between (64) 1-bedroom/ 1-bath, (4) 2-bed/2-bath, (4) 2-bed/1-bath and (4) 3-bed/2-bath units and onsite parking.
Domenico negotiated 12 months interest-only and a 5 Year fixed-rate of 3.46%. This loan represents an 80% loan to cost and is accompanied by a 20 year term and 30 year amortization.
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
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