PROGRESS CAPITAL | Newark, NJ – $5,965,000
16546
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Newark, NJ – $5,965,000

Category
Multi-Family, Retail
About This Project

$5,965,000 Secured for Gut Renovated Newark Central Business District Mixed-Use Asset

 

Newark, NJ – While there has been some softening in multifamily developments throughout the US as more supply hits the market in Q4, Newark is experiencing a surge in sales, acquisitions and construction lending particularly within this sector. Recently, Brad Domenico completed the financing of a re-positioned mixed used (multifamily/retail) asset on Halsey Street right in the heart of the downtown Central Business District. The borrower, having previously acquired the property in 2016, completed gut renovations of the building in August of 2017 and sought to enter into a permanent mortgage.

 

Working with Sabal Capital, Domenico arranged a $5,965,000 non-recourse loan with 24 months interest-only. The loan is secured by the aforementioned property – a four story mixed-use building with 5 one-bedroom and 11 two-bedroom loft style apartments with three street level retail units. Currently a Krauzer’s convenience store and the restaurant Harvest Table occupy the retail space.

 

Highlights of this loan terms include:

 

  • 3.95% Fixed for 7 Years
  • 20 Year Term
  • 24 Months Interest Only
  • Declining Pre-Pay (no penalty last 3 months)
  • 30 Year Amortization
  • 75% Loan to Value

 

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:


Brad Domenico Arranges Financing for Sale of Historic Ironbound Station Plaza

$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”

Brad Domenico Arranges Financing for 765 Broad Street, Home of Newark Public Schools

Learn More About ‘Halston Flats’ – The Residences at 127 Halsey

Visit Harvest Table Restaurant

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