PROGRESS CAPITAL | Newark, NJ – $1,750,000
16482
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Newark, NJ – $1,750,000

Category
Construction, Multi-Family
About This Project

Vacant Newark Multifamily Asset Acquired to Make Way for New Luxury Residential Development

 
Newark, NJ – As we go into the fourth quarter of 2017, it is evident that Newark, NJ is primed for comeback and as such Progress Capital Advisors continues to arrange financing for valued clients expanding their portfolio assets with acquisitions in key Newark neighborhoods.  Recently, Brad Domenico secured $1,750,000 for a client to acquire a downtown multifamily asset. The loan proceeds will be used to acquire the subject property and provide construction funds to renovate and incorporate the existing structure to into a new planned 3 story luxury residential development with 15 units to be the cornerstone of the Mulberry / East Park Intersection.
 
With a total project cost of $2,250,000 this loan represents a 78% loan to project cost. The borrower anticipates completion of the new development mid-2018 with rental units available shortly thereafter. Additional Terms of This Loan Include:
 
Construction Period
 

  • Rate: WSJ Prime + 1% w/ a floor of 5.25%
  • Interest Only
  • 12-Month Term

 
Permanent Loan
 

  • 5 Year Fixed
  • 5 Year UST yield + 3% w/ a floor of 4.75%
  • 25 Year Term
  • 25 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
 


CONTINUED READING:


 
View Press Release
 
JerseyDigs: Construction to Begin on New Residential Development Near Newark’s Military Park
 
Brad Domenico Arranges Financing for Sale of Historic Ironbound Station Plaza
 
$13.5 Million Secured for Renovation of Broad Street Office Building to Be the New Home of Newark Public Schools Board of Education
 
$9.975 Secured to Acquire and Reposition Broad Street Retail / Office Corner
 
75% LTV on Newark Multifamily Asset
 
$3.8 Million to Acquire Former Newark “Sandstone Building”
 
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