Progress Capital Arranges $7.9 Million in Refinancing for Mixed-Use Building in Newark
Brad Domenico of Progress Capital secured $7,900,000 in refinancing for the property located at 36-40 Clinton Street.
Constructed in 1914, is a 27,329 SF Gothic-influenced building that was purchased vacant by the sponsors in 2017, with the exception of the U.S. Post Office tenant which occupies 2,602 SF of retail ground space. However, the owners were able to secure a renewal with the tenant upon taking possession of the property.
The former Eclipse building underwent a complete gut renovation. The owners accomplished to have the upper floors rezoned into residential use and obtain approvals for the construction of 27 one-bedroom/one-bath apartment units, a fitness center, lounge area, a modernized lobby, new elevator system and tenant storage.. The building also boasts a fully furnished rooftop terrace with elevator access and views of downtown Newark, including the Prudential Center and the new Mulberry Commons park.
The site is situated within Newark’s “Billion Dollar Triangle”, an area anchored by Newark Penn Station, the Prudential Center and New Jersey Performing Arts Center. The building’s close proximity to a host of entertainment and dining options, the City’s many tourist attractions, major highways and public transportation makes it ideal for those commuting to New York City and other business centers throughout the tri-state area. Newark Penn Station offers express train service to New York City, and residents are just minutes away from Newark Liberty International Airport.
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.