PROGRESS CAPITAL | Newark – $5,265,000
17135
portfolio_page-template-default,single,single-portfolio_page,postid-17135,ajax_fade,page_not_loaded,,qode-child-theme-ver-1.0.0,qode-theme-ver-2.7,wpb-js-composer js-comp-ver-5.4.7,vc_responsive

Newark – $5,265,000

Category
Multi-Family
About This Project

$5.265 Million Negotiated With 5 Years Interest-Only For Acquisition of Two-Building Multifamily Complex in Newark

 
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


CONTINUED READING:


View Press Release
 
View on Real Estate Business Online
 
View on Real Estate New Jersey
 
View on Real Estate Weekly
 
$3.46 Million Negotiated With Two Years Interest-Only for Bed-Stuy Multifamily Building
 
$86.25 Million Secured for New Construction at 330 East 62nd Street in NYC
 
Kathy Anderson Secures $5,900,000 with 24-Months Interest-Only for Middletown Shopping Plaza Leasehold
 
Refinance of Hoboken Mixed-Use Asset Nets $1.285 Million Cash-Out to Borrower
 
$2.5 Million Refinance of Elizabeth Mixed-Use Building Nets $2,100,000 Cash-Out to Borrower
 
Brad Domenico Negotiates 3.75% on $2.04 Million with 5 Years I/O for NJ Multifamily Acquisition
 
$2.5 Million to Acquire Brooklyn Multifamily Asset
 
consultheader