Vacant Newark Multifamily Asset Acquired to Make Way for New Luxury Residential Development
It has become evident that Newark, NJ is primed for a comeback and as such Progress Capital continues to arrange financing for valued clients expanding their portfolio assets with acquisitions in key Newark neighborhoods. Recently, Brad Domenico secured $1,750,000 for a client to acquire a downtown multifamily asset. The loan proceeds will be used to acquire the subject property and provide construction funds to renovate and incorporate the existing structure to into a new planned 3 story luxury residential development with 15 units to be the cornerstone of the Mulberry / East Park Intersection.
With a total project cost of $2,250,000 this loan represents a 78% loan to project cost. The borrower anticipates completion of the new development within a year, to which rental units will be available shortly thereafter. Additional Terms of This Loan Include:
Construction Period
- Rate: WSJ Prime + 1% w/ a floor of 5.25%
- Interest Only
- 12-Month Term
Permanent Loan
- 5 Year Fixed
- 5 Year UST yield + 3% w/ a floor of 4.75%
- 25 Year Term
- 25 Year Amortization
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
Related Press
View Press Release
JerseyDigs: Construction to Begin on New Residential Development Near Newark’s Military Park
