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
- 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