Progress Capital Arranges $13 Million in Refinancing for Multifamily Community
Brad Domenico of Progress Capital secured $13,100,000 in refinancing for the owner of ‘The Harvard Apartments’, a 60-unit multifamily building located at 129 Halsted Street, East Orange, NJ.
Debt financing was provided by Doug DaRocha of Blue Foundry Bank, who honored the original quoted terms, which included a 7-year fixed rate in the low 4% range.
“Doug was excellent to work with on this deal. During these volatile times, he stayed true to the agreed terms and delivered a rate which is below today’s market.” – Brad Domenico
The owner purchased the newly-constructed, Class-A apartment building completely vacant, which Brad also arranged debt financing for. A year later, the 6-story building is fully occupied and provides tenants with an array of amenities.
“East Orange has experienced significant development and rental growth over the last few years and continues to be a leading emerging market in Essex County.” – Brad Domenico
Situated in East Orange, a diverse cultural mecca, representing countries from around the globe and combining the best of urban and suburban living. The property’s location offers easy access to major highways and mass transit, which is just a 24-minute ride into Manhattan.
Progress Capital was established in 1990 and has closed over $40 Billion in commercial loans and $150 Million in directly funded bridge loans. As a commercial real estate mortgage advisory firm, we can advise you on any real estate investment you are considering and provide the financing advice you need to manage through the commercial real estate acquisition and/or financing process.