Newark, NJ – Brad Domenico secured $2,010,000 in financing for a client to acquire two multifamily properties totaling 37 units in Newark, NJ.
The first property is a four-story, brick building consisting of 21 residential units located at 32 Dayton Avenue. The building has been recently renovated including improvements to the roof, windows, kitchen, and boiler. Located in the attractive South Ward section of Newark, this property is close to public transportation and is less than 4 miles to Downtown Newark.
The second property is a two-story, brick, apartment building consisting of 16 residential units located at 377 Clinton Place. The property is in walking distance to a number of retail shops, grocery stores, restaurants, banking institutions and is less than 5 miles to Downtown Newark. The Weequahic neighborhood is also located in the South Ward section of Newark.
Brad worked with Red Capital to negotiate favorable terms for his client that included the loan being non-recourse.
Progress Capital is a leading Commercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners and residential developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and directly funded over $150 Million.
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