Progress Capital Inks a $60.0 Million CRE Loan for Two Multi-Family Portfolios in Newark and Irvington, NJ
A not so ordinary deal for a not so ordinary broker! Brad Domenico, Partner at Progress Capital secured a $60,000,000 acquisition loan for Firebach Property Group to purchase seven properties totaling 641-units. But it wasn’t easy.
Brad not only had to contend with a volatile lending environment, in the midst of a pandemic, but he also had to overcome additional challenges that were added to the mix. This deal was definitely a handful for Brad, but he’s always up for a challenge.
A non-recourse loan, was a significant factor for the borrower, which in-turn was important for Brad to achieve for his client. Additionally, he was tasked with handling a complex situation, in which the Irvington portfolio contained a single-tax (commercial) parcel. Thus, posing an issue in obtaining the agency loan Brad was arranging for. Nonetheless, Brad was determined to make the deal happen.
After numerous phones calls and intense discussions with various lenders, Brad was able to negotiate favorable terms with Arbor Commercial Funding, including non-recourse. Brad’s experience also enabled him to incorporate the commercial parcel as an assemblage of the Irvington Portfolio, deeming the property acceptable for a Fannie Mae loan. Challenges met…deal closed.
- $60,000,000 Acquisition Loan
- 3.0% Fixed for 12 Years
- 3 Years I/O Period
- 82.50% LTC
- 30 Year Amortization
Gebroe-Hammer Associates’ David Oropeza and David Jarvis, represented OneWall in the sales transaction. “This sale highlights the enduring appeal of workforce housing in the Northeast as well as the continuing flight of capital out of New York City and other real estate asset classes into suburban multifamily,” said Nate Kline of One-Wall Partners.
Progress Capital is a commercial mortgage advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. With over 30 years of experience, we continually prove our value to our clients by securing the best capital options available in the market.