Progress Capital Arranges $28 Million Loan for Apartment Building in Montclair
Brad Domenico, partner at Progress Capital secured $28,350,000 in acquisition financing on behalf of Marc Watkins of Rockledge Ventures to purchase Hawthorne Towers, a collection of 133 apartment units located at 36 Hawthorne Place, Montclair, NJ. Brad negotiated with Peapack-Gladstone, who provided debt financing with 3-years I/O.
Constructed in 1962, Hawthorne Towers is a mid-rise multifamily building featuring a mix of spacious studios and 1 to 2-bedroom apartments spanning throughout 7 levels. Residences are provided with unique community amenities including a pool and plentiful parking, which is unusual in this trendy, high-population-density town. In addition to the property’s long list of amenities, the 3.41-acre lot features a professional designed lobby, outdoor grill and picnic area, a resident mailroom, on premises laundry center, and a state-of-the-art fitness center.
Hawthorne Towers is located in Montclair, an upscale town in Essex County, New Jersey. The iconic landmark is nestled along a quiet tree-lined residential neighborhood just off Elm Street, less than a three-minute walk to the Bloomfield Avenue Business District and one mile to Bay Street Rail Station. In addition to its extensive rail network, Montclair has nine bus routes and highway connectivity to the Garden State Parkway, Interstate 280, Route 46, Route 3 and Route 506/Bloomfield Avenue.
Brad Domenico’s strong financial background coupled with his experience in commercial real estate make him an unrivaled asset to the firm. He is incomparable when it comes to suggesting how to best leverage a client’s real estate holdings to accomplish ultimate goals for their real estate portfolios. This allows him to suggest the best financial structure which often includes senior debt, mezzanine and JV equity. Brad is highly experienced in permanent, construction and bridge financing and has worked with many clients to maximize their loan proceeds. PH: 732.720.6304 | brad@progresscapital.com
Progress Capital has been specializing in arranging debt financing for commercial real estate owners and developers for over 30 years. As a leading 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.
