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. Along with the Weequahic neighborhood, this property is located in the attractive South Ward section of Newark, and is close to both public transportation and located 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 within walking distance of various retail shops, grocery stores, restaurants, banking institutions and Downtown Newark.
Brad worked with Red Capital to negotiate favorable terms for his client which included securing the loan as 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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