Progress Capital Arranges $8.7 Million in Refinancing for Mixed-Use Property in Newark, NJ
Brad Domenico and Gabby Cali of Progress Capital secured $8,700,00 in refinancing for the property located at 87-95 Halsey Street, owned by the Hanini Group, known for its successful track record in taking historic properties in Newark and Essex County and rehabilitating them, from top to bottom.
Financing was provided by Affinity Federal Credit Union, who yielded favorable loan terms.
The apartment building was built in the 1940’s and consists of (18) residential apartment units and (10) commercial units. The building also includes a leased cell tower on the roof, which generates additional funds to the property’s annual income. The owners fully gut-renovated the units to meet a contemporary style, while retaining the character of the original building. Renovations included hardwood floors with high-end finishes throughout, redesigned kitchens with granite counter tops and top of the line stainless-steel appliances including in-unit washer/dryers. The unit mix is comprised of 1 to 3-bedroom apartments ranging from 890 to 1,876 SF with a total rentable area of 44,792 SF.
The commercial units have also been recently renovated and are all fully occupied by a diverse mix of commercial tenants. The Hanini Group owner-occupies the 2nd floor, which serves as the company’s main headquarter office location.
Halsey Street is located in the heart of downtown Newark’s central business district, surrounded by countless restaurants, retail shops, boutiques, cafes, nightlife, entertainment and arts centers. A variety of colleges including Rutgers University, NJIT and Essex County College are within walking distance. Public transportation including Newark Penn Station and Broad Street Station trains and numerous bus stops are also conveniently a few blocks away. The location’s easy access to the Essex Hwy. (I-280), McCarter Hwy. (Rt 21) and Garden State Pkwy, I-95, provide a quick commute to NYC and the surrounding areas.
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.