Brad Domenico Arranges Financing For Vacant Historic Newark Ironbound Station Plaza
Brad Domenico of Progress Capital Advisors arranged a $2,550,000 acquisition/renovation loan for a 22,500 SF mixed-use office and retail building known as the ‘Old Ironbound Station Plaza’. Located directly across from Newark Penn Station, the historic two story limestone building features oversized windows spanning the length of the building with two floors of office space, premium ground level retail and 8 off street parking spaces in the heart of Newark’s Central Business District. The borrower plans to occupy a portion of the first floor and the entire second floor, thus adding an owner-occupied element to this transaction. A national retailer will be sourced for the remaining first floor.
The loan includes the following negotiated terms:
- 10 Year Term
- 4.25% Fixed for 5 Years
- 18 Months Interest Only
- Limited Recourse
- 25 Year Amortization
“Properties in the Downtown Newark CBD are in demand. Capital improvements to the waterfront are creating new destinations for shopping, entertainment and events. This is spurring the regentrification of other mixed-use retail and housing projects and the gradual improvement to the local economy. Newark is exploding and commercial real estate owners are taking notice,” mentioned Domenico.
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