Elizabeth, NJ – Brad Domenico of Progress Capital Advisors arranged a $2,500,000 commercial real estate loan to refinance the newly constructed mixed-use building located at 640-648 Third Avenue in the Peterstown section of Elizabeth. Purchased in May 2014 for $550,000, the borrower, using $1,500,000 of personal equity, gut renovated the entire structure completing work and returning the rentable units to the market in May 2017. The building was fully occupied within 30 days of completion.
The property, a two-story 15,315 SF residential & retail building, is divided across 7 two-bedroom, 1 one-bedroom residential units and 8,500 SF of street level retail. The retail unit is currently subject to a 13-year lease with “Bubbles Are Us” Laundromat. Domenico was able to negotiate a 75% loan to value, allowing the borrower to retire the existing debt on the property and recapture $2,100,000 of vested equity which will be used to fund the continued expansion of our client’s portfolio.
Additional key terms of this loan include:
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