PROGRESS CAPITAL SECURES $12 MILLION LOAN AT 2.17%
Brad Domenico of Progress Capital arranged a $12,000,000 Acquisition Loan for Wainco Realty, LLC to purchase four (4) luxury apartment buildings located in Woodbridge, NJ.
Brad worked with Niko Nicolaou and Debbie Pomerantz of Gebroe Hammer and negotiated the following terms with Sean Flannery of TD Bank.
• $12,000,000 Loan Amount
• 65% LTV
• 2.17% Fixed for 15 Years
• 30 Year Amortization
Property 1 – is a three-story apartment building comprised of 27 units consisting of two-bedroom/two-bathroom units and vary in three different size models – 1,082 SF, 1,150 SF, and 1,119 SF.
Property 2 – is a two-story apartment complex comprised of (20) apartments offering a unit mix of (1) one-bedroom/two bath and (19) two-bedroom/two-bathroom units. The building offers various floor plan layouts including a one-bedroom layout, which is 895 SF, and three different two-bedroom layouts which are 1,018 SF, 1,096 SF, and 1,155 SF.
Property 3 – is a two-story, 10 unit building, all of which are two-bedroom/one-bathroom apartments with two floorplan types – one of which is 950 SF and the other is 1,100 SF.
Property 4 – is a two-story duplex containing 6 units, all consisting of two-bedrooms & two-and-a-half-bathrooms and a 1,400 SF floor plan.
All of the properties include spacious floorplans, walk-in closets, tiled bathrooms and glass shower doors, beautiful kitchen cabinets with Caeserstone counter tops and stainless steel appliances. Additional features include ice makers, in-unit stackable washer & dryer, central AC & gas and large windows providing an abundance of natural sunlight throughout the units. The apartment homes also offer tenants assigned on-site parking and a security system.
The properties are ideally located in residential neighborhoods within walking distance to various restaurants, supermarkets, boutiques, cafes & bars, entertainment centers, and much more. In addition to its convenience by foot, the properties offer a multitude of mass transit links to New York City.
Wainco Realty is a real estate development company with a history of creating value in real estate including shopping centers, residential, industrial, urban mixed-use, manufactured housing, hotels, restaurants and land. For over 25 years Wainco has been actively engaged in the development and redevelopment of properties throughout the Northeastern United States and Canada including shopping centers, industrial, restaurants, hotels, urban mixed use, residential and manufactured housing communities. Wainco has worked together with some of the most prominent developers in the nation and developed on behalf of leading retail, hotel and restaurant brands. Regardless of the property type or size, Wainco has earned a reputation for attention to detail and excellence in execution of projects.
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!