Progress Capital Inks $9.45M Refinance at 2.49% for Essex County Real Estate Portfolio
Brad Domenico, Partner at Progress Capital arranged a $9,450,000 loan to refinance four buildings located in Essex County, NJ.
As a result of the ongoing impact of COVID-19 causing volatility in the markets and difficulties in underwriting credit risk, Brad faced some challenges. He was tasked with structuring a loan that would meet both the client’s needs and the lender’s concerns.
Brad worked with TD Bank to negotiate the following loan terms:
- $9,450,000 Loan
- 2.49% Fixed for 10 Years
- 60% LTV
- 30 Year Amortization
The proceeds of the requested loan will be used by the borrower to refinance the current debt on the properties and use the remaining funds to fuel the expansion of his real estate portfolio.
The apartments offer a mix of one-bedroom, two-bedroom and three-bedroom units. Features include secured access, on-site laundry and an elevator servicing all floors for the convenience of tenant’s. In addition, a large on-site parking lot for tenants and visitors is provided on premises.
The locations of the properties are ideally located within walking distance of various restaurants, retail shops, boutiques, coffee shops and delis, grocery stores, banking institutions, department stores and more. Additionally, the properties are also conveniently situated in close proximity to public transportation offering a quick commute to NYC and the surrounding areas. Easy access to the Garden State Parkway and I-280 Essex Freeway is also provided.
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!