Progress Capital Arranges $11.72 Million for Multifamily Portfolio Refinance
Brad Domenico and Eddie Miro of Progress Capital secured an $11,720,000 loan for a Multifamily portfolio totaling 76 units in East Orange, NJ, owned by Marc Watkins of Rockledge Ventures.
On behalf of his client, Brad negotiated a 3.20% 5-Year fixed rate with Spencer Savings Bank, who provided a 10-year term based on a 30-year amortization.
The South Harrison-Clinton Portfolio includes 94 South Harrison Street (46 units) 370 South Harrison Street (30 units). The properties offer a mixture of studio, one-bed, two-bed, and three-bedroom units. Recent renovations to the properties include interior and exterior upgrades. The units feature new kitchen cabinetry, hard-wood flooring and modern ceramic tiled bathrooms complete with rain shower heads. The exterior of the buildings received extensive roof repairs/replacement, a weatherized building shell with select brick pointing and resurfacing of the existing parking lot. These distinct mid-rise assets are located within less than one mile of each other in the walkable city-center neighborhood of Brick Church.
“Arranging the refinancing for Mr. Watkins was ideal, as it provides ownership flexibility for the three-building collection of apartment properties.” – Brad Domenico.
The historical architecture and wide tree-lined streets pay tribute to East Orange’s past, serving as the foundation for city-wide revitalization. The city offers urban and suburban living, suitable for young professionals and established millennials seeking affordable apartment-home living near employment centers, mass transit access points, educational centers and historic green space.
Progress Capital is a leading NJ commercial mortgage broker with over $40 Billion in closed commercial loans and $150 Million of directly funded bridge loans. With over 30 years of experience, we continually prove our value to our clients by securing the best capital options available in the market.