Closed Loans

Brad Domenico Negotiates 3.75% on $2.04 Million with 5 Years I/O for NJ Multifamily Acquisition

A valued client approached Brad Domenico of Progress Capital seeking financing to acquire the 16 unit, 4-story walk-up apartment building at 6112-6114 Palisades Ave in West New York, NJ. The subject property was newly constructed and contains (1) studio unit, (9) one-bedroom units and (6) two-bedroom units spread over 10,208 SF with an additional 12 rented garage parking spaces. With borrower investment of $1.5 Million on a purchase price of $3.5 Million, Domenico arranged a $2,040,000 CRE mortgage with 5 years interest only at a favorable 3.75%.

This loan will be non-recourse with standard carve-outs and  include the following additional terms:

  • Rate Reset @ 6-Month Libor+325bps
  • 5-4-3-2-1-1 with 1 Thereafter*
  • *No PPP last three months
  • *No PPP if sold to third party or refinanced with Lender
  • 20 Year Term w/ 5 Years I/O
  • 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

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