Newark, NJ – In January 2017 the 8,400 SF mixed-use commercial building located at 183-185 Broadway caught fire which caused severe damage throughout the entirety of the structure. Renovations to the structure began immediately after the fire, building out 10 modern and spacious residential units on the 2nd and 3rd floors with 1 retail unit encompassing the ground level. The residential unit mix includes (6) 1-bedroom units and (4) studios. Recently stabilized, the borrower, working with Brad Domenico of Progress Capital, sought to retire the existing construction debt and enter into a permanent mortgage on the newly renovated asset.
The $1,200,000 mortgage has a 10-year term amortized over 30-years. The loan has a 5-year fixed-rate at 4.92%, a declining prepay schedule and represents 70% of the subject property’s value. The proceeds of the loan allowed the borrower to recapture over $500,000 to be invested back into their commercial portfolio.
Progress Capital is a leading Commercial Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners, operators and developers. Since 1990, Progress has secured loans in excess of $40 Billion and directly funded over $100 Million. With 25 years of industry leading experience, Progress Capital has an unrivaled network of lending partners and capital market relationships allowing us to provide you with flexible custom financing solutions.
We get you to the closing table – plain and simple – #thatsPROGRESS