PROGRESS CAPITAL | Newark, NJ – $1,235,000
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Newark, NJ – $1,235,000

Category
Multi-Family
About This Project

$1,235,000 Arranged for Newark Broad Street Gut Renovated Multifamily Acquisition

 

Newark, NJ – With over $100 Million secured in financing for commercial real estate assets throughout Newark, Brad Domenico of Progress Capital Advisors continues to arrange a large number of loans for valued borrowers to acquire, expand, renovate and fit-out Newark assets in a rapidly developing urban market. Recently, Domenico arranged a $1,235,000 for a borrower to acquire the mixed-use multifamily asset at 1183 Broad Street in close proximity to Newark’s Downtown Renaissance.

 

The subject property, known as ‘The Fulton,’ is a four-story walk-up building with 17 residential units divided into 1 one-bedroom, 13 two-bedroom and 3 three-bedroom apartments. The property was gut renovated prior to acquisition with new plumbing, heating, kitchens, floors, bathrooms, common areas, building hvac, windows and roof.

 

Domeninco arranged the $1,235,000 non-recourse permanent loan, representing a 65% loan to purchase price, with Regal Bank of New Jersey. Repayment terms include a declining prepay schedule of 4-3-3-2-1 and 0 thereafter. Additonal terms of this loan include:

 

  • 3.875% Fixed for 5 Years
  • Rate Reset at 5-Yr UST +250 bps
  • 65% Loan to Purchase Price
  • 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


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