Progress Capital Arranges $17,250,000 Acquisition Loan for Journal Square Mixed-Use Building
Progress Capital’s Partner, Brad Domenico secured a $17,250,000 acquisition loan for Spring Property Management of Ohio to purchase the mixed-use building located at 125-129 Magnolia Avenue, Jersey City. The sale of the property was arranged by Niko Nicolaou, Executive VP at Gebroe Hammer Associates.
“The loan was originally approved as a Fannie Mae execution through Eric Regenbogen of Arbor Realty Trust. As the Treasury market started to experience volatility, Arbor was able to transition the loan into their Private Label CMBS program, which provided the Borrower a better rate plus full term I/O. This was all done seamlessly with no adverse effect on either the proceeds or the closing timeline,” said Domenico.
The site contains a five-story 1920’s era building known as 125 Magnolia at Journal Square. The mixed-use building contains a total of (99) units comprised of (5) ground-floor retail units and (94) residential apartment units. Each of the units have recently undergone high end kitchen and bathroom renovations, as well as the installation of new windows. Some additional building improvements completed include a new roof, upgraded lobby and new contemporary elevator system.
The property is situated on the corner of Summit and Magnolia avenues in the heart of the Journal Square section and is within one block of the Journal Square PATH Station. Nearby recreational facilities include 5 parks within 4.4 miles, including Liberty Science Center, Liberty Landing Marina, and Ellis Island National Monument.
Progress Capital is a commercial mortgage advisory firm with over $40 Billion in closed 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.