Brad Domenico Secures 12 Months Interest-Only at 3.68% for Acquisition of Union City Multifamily Building
Brad Domenico of Progress Capital negotiated a $5,300,000 permanent mortgage for the acquisition of the 5-story brick multifamily building at 1300 Palisades Avenue in Union City. The property encompasses 9,304 SF divided into 44-residential units including (9) 3-bedroom, (33) 2-bedroom, (1) 1-bedroom and 1-studio apartments.
Representing 75% of the subject property acquisition cost, this loan includes a 12 month interest-only period at a rate of 3.68%. In addition, Domenico arranged an initial 5 year fixed-rate period at 3.68% with a 20 year term and 30 year amortization. The loan is non-recourse and includes a declining pre-pay schedule.
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