PROGRESS CAPITAL | Newark, NJ – $12,400,000
18817
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Newark, NJ – $12,400,000

Category
Multi-Family, Retail
About This Project

$12.4 Million Refinance Secured for Newark, NJ Mixed-Use Property

 

Newark, NJ Brad Domenico arranged $12,400,000 to refinance a newly remodeled four-story luxury apartment building located at the corner of William and Broad Street in Newark, NJ.

 

The stunning Renaissance building, also known as “William Flats” is comprised of 2 commercial units and 37 residential units. Each flat has been re-constructed to include twelve-foot ceilings, hardwood floors, artistic ceramic tile, as well as modernized kitchens and baths. Amenities include elevator access, a fitness room, tenant lounge and court-yard gardens. The ground level retail space is occupied by a 7-Eleven and Santander Bank.

 

The building is conveniently located in the heart of the Business District of Newark and is centered around local dining, shopping, banks, retail stores, and both the Prudential Center and New Jersey Performing Arts Center are only a short walk away. Additionally, the property provides easy commuting access to all major highways, bus stops, and Newark Penn Train Station which is located less than a mile away.

 

Brad worked with Signature Bank to negotiate the following key terms:

 

  • 75% LTV
  • 4.5% Fixed for 5 Years
  • 30 Year Amortization
  • Non-Recourse

 

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.