Essex County, NJ – Brad Domenico, Partner at Progress Capital, negotiated the amount and terms of 26 commercial real estate loans for a client to refinance 18 mixed-use properties and acquire 8 additional retail assets throughout Essex, Union and Bergen Counties. The subject properties are predominantly retail buildings with ground level commercial spaces and include a mix of office and residential tenants above. A total of xxx rent-able residential untis.
The loans are all non-recourse with a declining pre-pay schedule. Terms of the loans vary based on a 30 year amortization. The loans represent a 78% LTV and include a minimum of a 5-year fixed rate at an average of 4.25% – 4.5%.
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.