PROGRESS CAPITAL | Montclair, NJ – $1,700,000
18558
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Montclair, NJ – $1,700,000

Category
Multi-Family
About This Project

$1.7 Million Secured for Multifamily Portfolio in Montclair, NJ

 

Montclair, NJ – Brad Domenico, Partner of Progress Capital arranged $1,700,000 in financing for a valued client’s multifamily portfolio in Montclair, NJ. The loan represents a 75% loan to value ratio.

 

The portfolio consists of two properties located in Montclair, NJ. The first property is a 3,049 SF legal 2-family dwelling located at 30 Cloverhill Place and is within walking distance to NYC trains. The second property is a 2,841 SF single-family residence previously owned by John Vizzone, Creative Director for Ralph Lauren, who recently had it renovated to include an open floor plan, 10 ft ceilings, high-end appliances and sweeping NYC views.

 

Brad worked with Oritani Bank for the multifamily property to negotiate the following key terms:

  • 4.5% Fixed for 7 Years
  • 75% LTV
  • 30 Year Amortization
  • Non-Recourse

 

Brad worked with Spencer Savings Bank for the single-family property to negotiate the following key terms:

  • 4.625% Fixed for 7 Years
  • 75% LTV
  • 30 Year Amortization

 

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, we will get you to the closing…plain and simple…#thatsPROGRESS