Newark, NJ – Fully renovated in 2007, the two-building 70-unit apartment complex at 10-36 Osborne Terrace and 9 Hedden Terrace in Newark was brought to the market in late 2017. Working with Progress Capital’s Brad Domenico, West of Hudson Properties sought to acquire the subject property – adding it to an already robust North Jersey multifamily portfolio.
Domenico negotiated a $5,265,000 non-recourse permanent mortgage with 5 year interest-only at a fixed rate of 3.86%. The loan represents a 65% Loan to Purchase Price with a 20 year term and 30 year amortization. After the 5 year interest-only period the rate will reset at 6 month LIBOR + 3.25%. In addition, The borrower will adhere to a 3-1-0-0-0 declining prepayment schedule.
Progress Capital 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
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