Paterson, NJ – Progress Capital Partner, Brad Domenico, secured a $7,200,000 non-recourse permanent mortgage for a valued client to acquire the four-story 73,790 SF brick multifamily building at 220 Straight Street in downtown Paterson. The subject property contains 76 residential units divided between (64) 1-bedroom/ 1-bath, (4) 2-bed/2-bath, (4) 2-bed/1-bath and (4) 3-bed/2-bath units and onsite parking.
Domenico negotiated 12 months interest-only and a 5 Year fixed-rate of 3.46%. This loan represents an 80% loan to cost and is accompanied by a 20 year term and 30 year amortization.
Progress Capital is a Commercial Real Estate Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners and developers of mixed-use, multifamily, construction, industrial, retail, office and commercial storage properties. With an unrivaled network of lending partners and capital market relationships we have arranged over $40 Billion in Transactions and Direct Funded $150 Million. We get you to the closing table – plain and simple. #thatsPROGRESS