Elizabeth, NJ – Brad Domenico arranged $5,750,000 for a valued client to refinance 15 retail units, 4 office units, 2 residential units and a parking lot located at 11-29 Broad Street, 1169-1171 Elizabeth Avenue and 1160-1172 Dickinson Street in Elizabeth, NJ.
The 2 residential units both contain four (4) bedrooms, one (1) bathroom and are located at 1171 Elizabeth Avenue. The remainder of the unit mix is comprised of retail and office units which are spread out between the three properties spanning over 47,000 square feet.
The properties are located in the center of Elizabeth which is a prime spot for retail stores and offices due to the amount of foot traffic in this area. Commuting is very easy from this location with the Elizabeth Commuter Rail less than a half-mile away and the North Elizabeth Commuter Rail a little more than a mile away. The properties also have very easy access to major highway Route 9, as well as Interstate 278 and 95 and Newark Liberty International Airport is also about a 10-minute drive.
Brad worked with Lakeland Bank to negotiate a 10-year term with 25 years amortization and no prepayment penalty. The proceeds of the requested loan will be used by the borrower to refinance the current debt on the subject properties.
Progress Capital is a leading Commercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners and developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and directly funded over $150 Million.