PROGRESS CAPITAL | Paterson, NJ – $3,000,000
16727
portfolio_page-template-default,single,single-portfolio_page,postid-16727,ajax_fade,page_not_loaded,,qode-child-theme-ver-1.0.0,qode-theme-ver-2.7,wpb-js-composer js-comp-ver-5.4.7,vc_responsive

Paterson, NJ – $3,000,000

Category
Multi-Family, Retail
About This Project

$3,000,000 Secured for Refinance of Three Mixed-Use Buildings in Paterson, NJ

 
Paterson, NJ – At Progress Capital we not only arrange financing for our clients, but we advise them on how to best leverage their existing assets to facilitate continued portfolio expansion. To that end, partner, Brad Domenico, negotiated the refinance of a client’s 3 building mixed-use portfolio in Paterson, NJ in order to retire existing debt on the individual properties, recapture vested equity and consolidate his financing on the three properties into one commercial real estate loan.
 
Domenico negotiated a $3,000,000 loan secured by the three properties located at 317-12th Avenue, 132-134 North Main Street and 257-261 Rosa Parks Boulevard. 317-12th avenue is 3-story mixed-use building with (5) two-bedroom residential units and (1) street level retail space currently occupied by a ‘Mini Market’ grocer. The second property, located at 132-134 North Main Street, is a three-story mixed-use multifamily property with (5) two-bedroom residential units and a ground floor retail currently a deli/restaurant. The third property rounding out the portfolio is the largest of the three with (4) one-bedroom units, (15) two-bedroom units and 6 street-level retail units.
 
This loan represents 75% of the total appraised value of the three buildings. Additional key terms of this loan include:

     

  • 4.75% Fixed for 5 Years
  • Rate Reset at UST+ 275bps w/ floor of 4.375%
  • 5-4-3-2-1 Prepayment Schedule
  • No PPP in Last 90 Days of Years 5 & 10
  • 10 Year Term
  • 25 Year Amortization
  •  

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:


$2.5 Million with 3 Years Interest-Only Secured for Acquisition of Brooklyn Multifamily Building
 
Kathy Anderson Secures $5,900,000 with 24-Months Interest-Only for Middletown Shopping Plaza Leasehold
 
Refinance of Hoboken Mixed-Use Asset Nets $1.285 Million Cash-Out to Borrower
 
$2.5 Million Refinance of Elizabeth Mixed-Use Building Nets $2,100,000 Cash-Out to Borrower
 
Brad Domenico Negotiates 3.75% on $2.04 Million with 5 Years I/O for NJ Multifamily Acquisition
 
$2.5 Million to Acquire Brooklyn Multifamily Asset
 
consultheader