East Orange 9-Building Multifamily Portfolio Sold for $35,250,000
Brad Domenico of Progress Capital Negotiated an 80% LTV with Red Capital Group to Complete the Transaction
Brad Domenico, Partner at Progress Capital, secured a $28,200,000 loan for an undisclosed borrower to finance the acquisition of a 9-building multifamily portfolio in East Orange, NJ. The portfolio includes a total of 293 residential units comprised of (198) one-bedroom units, (77) two-bedroom units, (17) three-bedroom units and (1) four-bedroom unit.
“Acquiring and financing a multifamily portfolio which includes 9 separate buildings requires a lot of due diligence in examining existing rent rolls, forecasting individual property growth potential and negotiating a per building price. In such instances working with a mortgage broker is almost essential in both securing financing but also confirming long-term return on investment,” mentioned Domenico
Negotiating the terms of the loan with Red Capital Group, Brad secured 80% of the purchase price with an initial 2-Year interest-only period at 4.25%. The loan is accompanied by a 7-year fixed rate on a 20 year term with 30 year amortization and is non-recourse.
Domenico negotiated terms of the loan with John Darrow, of Red Capital Group. Fahri Ozturk and Richard Gatto of Marcus & Millichap represented both the buyer and the seller on the sale side.
About Red Capital Group
Recognized for its industry expertise, innovative and comprehensive structures, and consistently high rankings, Red Capital Group, LLC has provided over $78 billion of integrated debt and equity capital since 1990 for senior housing and health care, multifamily, affordable, and student housing industries through three operating companies.
About Marcus & Millichap
Marcus & Millichap is a leading national brokerage firm specializing in commercial real estate investment sales and advisory services. In 2017, the Company closed 9,000 investment transactions for private and institutional investors. Marcus & Millichap employs over 1,800 investment sales professionals in over 80 offices throughout the US and Canada.
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