PROGRESS CAPITAL | Bloomfield, NJ – $2,800,000
portfolio_page-template-default,single,single-portfolio_page,postid-16580,ajax_fade,page_not_loaded,,qode-child-theme-ver-1.0.0,qode-theme-ver-2.7,wpb-js-composer js-comp-ver-5.4.7,vc_responsive

Bloomfield, NJ – $2,800,000

Industrial, Office
About This Project

$2.8 Million Refinance of Bloomfield Industrial Property Recaptures $1,000,000 in Equity to Borrower


Bloomfield, NJ – A $2,800,000 CRE loan was arranged by Brad Domenico of Progress Capital Advisors for a valued client to refinance the mixed-use property at 118 JFK Drive in Bloomfield, NJ. The property, a shared industrial and office facility is a fully occupied 72,000 SF facility leased to two separate tenants subject to existing long-term absolute NNN leases. The proceeds of the refinance will be used by the principal to pay off the existing mortgage on the property and recapture $1,000,000 in equity to fuel the continued expansion of their commercial portfolio. This loan represents 70% of the buildings full appraised value.


Key terms of this loan include:


  • 4.5% Fixed for 7 Years
  • Rate Reset at 5/20 FHLBNY+250BPS & Floor of 4.25%
  • 3-2-2-1-1-1-0 Prepay Schedule
  • 10 Year Term w/ Balloon Payment
  • 25 Year Amortization
  • Full Recourse


Progress Capital Advisors loan programs include Fixed Rate Loans, Construction and Specialty Financing as well as Directly Funded Bridge Loans.  With over $40 Billion in closed loans and $100 Million in bridge and direct lending, we will get you to the closing table … plain and simple.  #thatsPROGRESS


View Press Release

$1.3 Million SBA Loan Brings Family Vision from Concept to Reality

$13.5 Million Secured for Renovation of Broad Street Office Building to Be the New Home of Newark Public Schools Board of Education

$9.975 Secured to Acquire and Reposition Broad Street Retail / Office At Broad and Williams St.

75% LTV on Newark Halsey Street Multifamily Asset

$3.8 Million to Acquire Former Newark “Sandstone Building”