Elizabeth, NJ – A valued client sought Brad’s real estate expertise in acquiring a ‘Dollar General’ property in Elizabeth, NJ and a multifamily building in Perth Amboy. Domenico secured $3,700,000 in two loans to complete the acquisitions.
The first property, located in Elizabeth, NJ is a 8,620 SF newly completed retail building subject to a long term triple-net lease with ‘Dollar General.’ The second subject property, is a two-story 12,000 SF multifamily building with (10) two-bedroom units and (2) one-bedroom units. At the time of purchase the properties were 100% leased.
Domenico negotiated $2,075,000, representing 65% LTV for the Dollar General location in Elizabeth, while securing $1,625,000, also representing a 65% LTV for the apartment building in South Amboy. Both loans are accompanied by a 5-year fixed-rate at 4.50% on a 25-year term based on a 25-year amortization. The borrower will adhere to a declining pre-pay schedule for both.
Progress Capital is a leading Commercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners and residential developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and deployed over $150 Million through their direct lending platform.
We Get You to the Closing Table – Plain and Simple – #thatsPROGRESS.
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