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:
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