Newark, NJ – A valued client approached Brad Domenico of Progress Capital Advisors to secure financing to acquire a multifamily asset in the Mount Pleasant / Lower Broadway neighborhood. The subject property, a four-story brick apartment complex with 25 one-bedroom and 1 two-bedroom units on a 7,500 SF lot is located just off Bloomfield Ave., a major destination for retail, restaurants and nightlife, plus it’s within a 10 minute drive to Rutgers University.
Domenico was able to arrange a permanent loan of $1,425,000 – representing a 75% LTV, for the borrower to purchase the property. As of the time of purchase, the borrower did not intend to make any capital improvements to the premises and the building is already fully leased. Additional key terms of this loan include:
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