PROGRESS CAPITAL | Newark, NJ – $3,400,000
16481
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Newark, NJ – $3,400,000

Category
Multi-Family
About This Project

 

$3.4 Million Secured for Newark Multi-Family Acquisition

 
Newark, NJ – Newark continues to be an active area for Progress Capital Advisors.  With over $100,000,000 financed through Q3 of 2017 there is obvious momentum behind the revitalization of downtown Newark and surrounding areas. Managing Director, Brad Domenico recently arranged a $3,400,000 loan for a valued client with significant commercial real estate investments throughout Hudson, Essex and Bergen Counties, to acquire a multi-family asset in the suburban Weequahic neighborhood.
 
The loan is secured by a 6-story elevator equipped building with 58 units including 4 studio, 27 one-bedroom and 17 two-bedroom apartments. At a purchase price of $4,500,000 and with borrower equity of $1.2 Million this loan represents a 75% loan to purchase.
 
Additional Key Terms of the Loan Include:
 

  • 3.625% Fixed for 7 Years
  • 12 Year Term
  • 30 Year Amortization
  • Declining Prepay
  • Non-Recourse

 
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
 
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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