Progress Capital Arranges Over $15 Million in Acquisition Financing For Multifamily Portfolio in Jersey City
Brad Domenico of Progress Capital secured a $15,250,000 acquisition loan for West of Hudson Properties, a full-service property management and real estate investment company to purchase a 6-property portfolio totaling 134 apartment units located in Jersey City, NJ.
Acquisition financing was provided by Arbor Commercial Mortgage, who yielded a 5-year interest only loan on a non-recourse basis. Nicholas Nicolaou of Gebroe-Hammer was the selling broker in the transaction.
All of the apartment units feature spacious floor plans with ample natural light, lots of closet space and large bedrooms, as well as updated kitchens and bathrooms with granite countertops, brand new cabinets, stainless steel appliances, hard wood floors and high-end finishes throughout. The property locations include:
- 150 Belmont Avenue (4-stories, 26 units)
- 154 Belmont Avenue (4-stories, 22 units)
- 201-203 Claremont Avenue (5-stories, 17 units)
- 33-35 Storms Avenue (3-stories, 12 units)
- 35 Kensington Avenue (5-stories, 31 units)
- 590 Bergen Avenue (3-stories, 26 units)
Located in the heart of Jersey City, Journal Square is a primary business district, residential area and transportation hub that has been the target of tremendous inland development during recent years. Distinguishable by its diverse housing stock of brownstones, pre-war apartment buildings and frame houses, Journal Square has benefitted from redevelopment initiatives that began on the waterfront and have since migrated inland to this historic area. The area features an energetic live/work/relax district where a vibrant, creative and walkable lifestyle converge. Following decades of distress, Journal Square is now the focal point and center of activity for all things Jersey City.
Progress Capital is a commercial real estate advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. Since 1990, we consistently get our clients to the closing table… plain and simple!
