Newark Fire Damaged Building Gets New Life with $1,200,000 Refinance
The 8,400 SF mixed-use commercial building located at 183-185 Broadway caught on fire causing severe damage throughout the entirety of the structure. Renovations to the structure began immediately after the fire, building out 10 modern and spacious residential units on the 2nd and 3rd floors with 1 retail unit encompassing the ground level. The residential unit mix includes (6) 1-bedroom units and (4) studios. Recently stabilized, the borrower, working with Brad Domenico of Progress Capital, sought to retire the existing construction debt and enter into a permanent mortgage on the newly renovated asset.
The $1,200,000 mortgage has a 10-year term amortized over 30-years. The loan has a 5-year fixed-rate at 4.92%, a declining prepay schedule and represents 70% of the subject property’s value. The proceeds of the loan allowed the borrower to recapture over $500,000 to be invested back into their commercial portfolio.
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
View Press Release