PROGRESS CAPITAL | Haledon, NJ – $4,550,000
16717
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Haledon, NJ – $4,550,000

Category
Multi-Family
About This Project

$4.55 Million with 3.75% Fixed for 5 Years Secured for Haledon Multifamily Acquisition

 
Haledon, NJ – A $4,550,000 permanent mortgage loan was arranged by Brad Domenico of Progress Capital for the acquisition of the newly constructed multifamily building at 2 John Street in Haledon, NJ. With 41,000 SF the property features a unit mix of (2) one-bedroom and (28) two-bedroom loft-style residential units with 5,000 SF of multipurpose commercial/retail space on the ground level. The property includes 65 gated parking spaces, 30 of which are allocated 1-per residential unit while the remaining 35 are rentable at $75 per month.
 
This loan represents a 70% loan to value with the following terms:
 

  • 3.75% Fixed for 5 Years
  • Rate Reset UST +190bps w/ Floor of 3.75%
  • 3-2-2-1-1 Prepayment Schedule
  • No PPP at each 5 Year Term or in Last 6 Months
  • Non-Recourse
  • 30 Year Term
  • 30 Year Amortization

 
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

 


CONTINUED READING:


 
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