Closed Loans

Brad Domenico Arranges $2.925MM for Acquisition of Two Newark Multifamily Assets

Newark NJ – Brad Domenico of Progress Capital Advisors arranged a $2,925,000 non-recourse loan for a valued client to acquire two multifamily buildings on Mt. Prospect Ave in the Mount Pleasant neighborhood in the North Ward section of Newark.

“Newark is on fire right now – we are advising all of our clients to explore acquisitions throughout the city as Newark is poised for major growth,” mentioned Domenico.

The two properties, one a four story brick apartment building with 29 residential units and the second a three story brick building with 22 residential units, are 95% occupied at the time of acquisition. This loan represents a 75% Loan to Purchase Price.

Additional details of this loan include:

  • 3.625% Fixed for 7 Years
  • 12 Year Term
  • 30 Year Amortization
  • Non-Recourse
  • Declining Pre-Pay

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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