Progress Capital Arranges $81 Million for the Acquisition of Essex County Multi-Family Portfolio
Nothing like pressure!
- $81,000,000 Loan Amount
- 701 Units
- 24 Separate Buildings
- 2 Different Cities (East Orange and Irvington)
- 60 Day Close from Contract Execution
- MUST CLOSE BY YEAR END
Brad Domenico, Partner at Progress Capital pulled off a New Year’s Eve closing which came down to the last possible moment when he closed the $81,000,000 acquisition loan for Granit Gjonbalaj, Managing Partner of Spaxel to purchase 24 properties totaling 701 units in East Orange and Irvington, NJ.
It was a momentous undertaking which required many teams to come together – Seller, Buyer, Marcus & Millichap who represented both parties in the sale and Progress Capital who arranged the financing with Arbor. “All parties involved knew that a year-end close was critical and worked very hard to make it happen for their respective clients,” said Domenico. “It was truly a collaborative effort.”
After two and half years of assembling the portfolio, the sale took place at the stroke of midnight. According to Marcus & Millichap, the sale price of $92.5 Million makes this one of the largest 2020 New Jersey Multifamily sales.
Since 1990, Progress Capital has closed over $40 Billion in commercial loans and $150 Million in directly funded bridge loans. As a commercial real estate 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. We consistently get our clients to the closing table…plain and simple!