Progress Capital Secures a $1.35 Million Construction Loan for New Multifamily Property in Passaic, NJ
Brad Domenico arranged a $1,355,000 construction loan for the renovation of an 8-unit multi-family property located at 29 Broadway in Passaic, NJ.
The property was built in 1930 and has been used as a church since. With the loan, the client plans to turn the church into a newly renovated 8-unit residential building with modern and luxurious apartments.
The borrower has already begun demolition using their own funds. The apartment features will include incredible modern and luxurious details, tall ceilings, large windows, designer finishes and much more. The demolition is substantially completed and the basement is being excavated in order to input footings. The property is conveniently located along Broadway, around the corner from Main Ave, two of the busiest streets in downtown Passaic. There are numerous offerings, financial institutions and national retailers within walking distance of the subject property. The location also offers very easy access to Route 21 which then leads to the Garden State Parkway as well as Route 46. It is also in close proximity to Christopher Columbus Park, Armory Park and St. Mary’s General Hospital.
Brad worked with Manasquan Bank to negotiate an attractive financial package with strong terms that allowed the client to execute his business plan.
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress