Paterson, NJ – Progress Capital Advisors’ Brad Domenico secured a $4,270,000 permanent loan for a valued borrower to acquire ‘Barclay Residential Hall,’ representing a loan to purchase price of 70%. ‘Barclay Residential Hall’ is located within Paterson’s hospital redevelopment zone surrounded by national retailers such as Walgreens and Subway, newly constructed medical offices and retail space.
The subject property, a newly constructed six story building with 14 studios and 28 one-bedroom apartments, is currently master leased to New York Medical College on a 15-year term.
Additional terms of this loan include:
• 3.83% Rate Fixed for 5 Years
• 10 Year Term
• 30 Year Amortization
• 70% Loan to Purchase Price
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
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