Progress Capital Arranges Acquisition Loan for NJ Apartment Complex
In a recent milestone transaction in the commercial real estate industry, Brad Domenico of Progress Capital, successfully secured a substantial $13.06 million acquisition loan for Victory Hills. Situated on 8.56 acres of prime land at 369 Washington Avenue in Dover, New Jersey, Victory Hills comprises eight apartment buildings featuring 124 dwellings and 248 parking spaces.
Brad’s ability to navigate the complex lending environment coupled with leveraging his strong network of financing sources, resulted in an effective closing including suitable financing options and favorable terms that align with his client’s goals and objectives.
Terms Include:
- Loan Amount: $13,060,000
- Interest Rate: 6.05% Fixed for 5 Years
- Interest Only: 36 Months
- Amortization: 35 Years
The prime location of Victory Hills caters to a wide range of lifestyles and preferences. For individuals who value convenience and prefer a walkable lifestyle, the proximity to shopping centers and amenities ensures a seamless living experience. On the other hand, those seeking exploration and outdoor activities can take advantage of the nearby parks and recreational attractions. Furthermore, the easy access to major transportation routes and the airport makes Victory Hills an ideal choice for professionals, commuters, and frequent travelers.
Since 1990, Progress Capital has served New Jersey as a leading commercial lender, closing 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.
