Closed Loans

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

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