75% LTV on Acquisition of Newark Multifamily Building
Newark, NJ – A valued client approached Brad Domenico of Progress Capital to secure financing to acquire a multifamily asset in the Mount Pleasant / Lower Broadway neighborhood. The subject property, a four-story brick apartment complex with 25 one-bedroom and 1 two-bedroom units on a 7,500 SF lot is located just off Bloomfield Ave., a major destination for retail, restaurants and nightlife, plus it’s within a 10 minute drive to Rutgers University.
Domenico was able to arrange a permanent loan of $1,425,000 – representing a 75% LTV, for the borrower to purchase the property. As of the time of purchase, the borrower did not intend to make any capital improvements to the premises and the building is already fully leased. Additional key terms of this loan include:
- 12 Months Interest Only
- 3.90% Fixed for 5 Years
- 20 Year Term
- 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