Newark, NJ – Progress Capital Partner, Brad Domenico, arranged a $4,810,000 non-recourse permanent mortgage for a client to refinance their multifamily property at 469 Elizabeth Avenue in the Weequahic Section of Newark, NJ. The subject property is a 6-story brick elevator building containing 58 residential units. The unit mix includes (38) 1-bedroom units, (8) 2-bedroom units and (12) 3-bedroom units. The building sits along the popular Weequahic Lake and adjoining park and is within close proximity to downtown Newark, transit into NYC and Newark Liberty International Airport.
Acquired in 2016, the building has undergone a series of capital improvements including a new roof, upgrades to the boiler and hot water system, installation of security cameras and key fob entry system, repainting of all common areas, elevator improvements and installation of Entech heat regulating systems. Additionally, 14 apartments to-date have been completely renovated.
Domenico arranged a 5-year fixed-rate at 4% on a 20-year term and 30-year amortization. The loan represents a 65% LTV. The loan is also assumable and the borrower may prepay the loan at any time based on a declining prepayment schedule. The proceeds of the loan will be used to retire the existing debt on the property and provide a cash-out of vested equity to the borrower which will be used to fund additional multifamily acquisitions throughout NJ and the NY metro area.
Progress Capital is a leading Commercial Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners, operators and developers. Since 1990, Progress has secured loans in excess of $40 Billion and directly funded over $100 Million. With 25 years of industry leading experience, Progress Capital has an unrivaled network of lending partners and capital market relationships allowing us to provide you with flexible custom financing solutions.
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