Progress Capital Secures a $30.2M Loan for the Refinance of Murray Hill Garden Apartments in New Providence, NJ
Brad Domenico and Gabby Cali of Progress Capital secured $30,200,000 for Tuli Realty to refinance the property known as Murray Hill Garden Apartments located at 35 & 36 Ethan Drive, New Providence, NJ.
Brad and Gabby worked with Arbor Commercial Mortgage who provided the following terms:
- $30,200,000 Loan
- 2.58% Fixed for 10 Years
- 4 Years I/O
- 30 Year Amortization
Murray Hill Garden Apartments is situated on 10.76-acres of beautifully landscaped grounds presenting an attractive, park-like setting with a playground, courtyard and picnic area to be enjoyed by tenants year-round. The property is comprised of 12 apartment buildings with a total of 172 residential units. The unit mix consists of (72) one bed/one-bath units and (100) two-bed/one-bath units. Each apartment includes a separate entrance and features spacious floor plans, elegant hardwood floors and full-sized kitchens with granite countertops complete with high end stainless-steel appliances.
On-site tenant conveniences include (6) free standing parking garage buildings with 126 individual garage units, plus 50 surface level parking spaces. In addition, tenants benefit from several common laundry facilities offered throughout the property.
The apartment community is positioned in the desirable neighborhood of Murray Hill, known for its tree-lined streets filled with modern apartment buildings and businesses. Additionally, the property offers commuter conveniences such as the train station across the street, Route 78 in close proximity and a 27-mile drive to New York City.
Since acquiring the property, the owner has made significant capital improvements to both the interior and exterior of the property, including the gut renovation of over 30 units amongst various other upgrades.
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!