Tinton Falls, NJ – Progress Capital announced the closing of a $50,000,000 loan package for a New Jersey multifamily developer to refinance 29 properties throughout New Jersey. Partner, Brad Domenico arranged the funds in 19 commercial real estate mortgages. The subject properties are all multifamily and/or mixed-use (residential & retail) with a total of (166) market-rate apartments accompanied by 10 retail tenants.
Domenico negotiated all of the loans as non-recourse with varying term lengths based on 30-year amortizations. Each loan is accompanied by a 5-7 year fixed-rate with an average of 4.25% to 4.5%. All of the loans represent a 75%-80% LTV and include declining pre-pay schedules.
Progress Capital is a leading Commercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners and residential developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and deployed over $150 Million through their direct lending platform.
We Get You to the Closing Table – Plain and Simple – #thatsPROGRESS.