$9.1 Million Multi-Family at 3.375% Fixed
Progress Capital arranged financing on two loans in New Jersey totaling $9,112,500. Brad Domenico negotiated the transactions and structured both loans as non-recourse at a fixed rate of 3.375% for 7 years based on a 30 year amortization.
The first loan was secured by a two-story garden-style apartment complex located in Monmouth County’s beach side city of Long Branch. The property is comprised of 63 units, plus one office space. The $4,875,000 acquisition loan carried a fixed rate of 3.375% for 7 years based on a 30 year amortization.
The second loan was secured by three multi-family apartment buildings located in Plainfield with a total of 67 units. The $4,237,500 permanent loan also carried a fixed rate of 3.375% for 7 years based on a 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