$8.6 Million Construction Loan Secured for Jersey City Multifamily Project
Brad Domenico arranged an $8,605,732 construction loan for a 34,575 SF multifamily property to be built at 75 Jordan Avenue in Jersey City, NJ.
The new, 6-story building will consist of 35 units, 15 parking spaces and a rooftop deck for tenants to enjoy. The building will be situated within a half-mile radius of the Journal Square Transportation Center, Saint Peter’s University, and two major business districts.
Brad worked with a Credit Union to negotiate a loan equal to 75% of the total project cost with an 18 month interest only period plus a 6 month extension. The loan also has a permanent option with no exit fee or prepayment penalty providing the Borrower ultimate flexibility.
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