Union City, NJ – Brad Domenico of Progress Capital negotiated a $5,300,000 permanent mortgage for the acquisition of the 5-story brick multifamily building at 1300 Palisades Avenue in Union City. The property encompasses 9,304 SF divided into 44-residential units including (9) 3-bedroom, (33) 2-bedroom, (1) 1-bedroom and 1-studio apartments.
Representing 75% of the subject property acquisition cost, this loan includes a 12 month interest-only period at a rate of 3.68%. In addition, Domenico arranged an initial 5 year fixed-rate period at 3.68% with a 20 year term and 30 year amortization. The loan is non-recourse and includes a declining pre-pay schedule.
Progress Capital is a Commercial Real Estate Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners and developers of mixed-use, multi-family, 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