PROGRESS CAPITAL | Various Locations, NY & NJ – $5,700,000
18812
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Various Locations, NY & NJ – $5,700,000

Category
Multi-Family
About This Project

$5.7 Million Secured for Multifamily/Condo Portfolio

 

Montclair, NJ & Manhattan, NY – Brad Domenico arranged 2 acquisition loans totaling $5,700,000 for a valued client’s Multifamily/Condo Portfolio.

 

The multifamily property located at 46 James Street in Montclair, NJ has 3 floors of spacious living complete with hardwood and bamboo floors, high ceilings and a two-car garage plus additional parking spaces. The location is key with close proximity to schools, shops and NYC transportation.

 

Brad worked with Spencer Savings Bank to negotiate the following key terms:

  • 80% LTV
  • 4.625% for 7 Years
  • 30 Year Amortization
  • No Prepayment Penalty

 

The condo property located at 45 East 22nd Street in Manhattan is positioned to capture breathtaking triple exposure views to the North, East and South. The two-bedroom duplex features double-height ceilings, conveniently located split bedrooms, and beautifully designed white oak with bronze detail stairs. The building features a live-in resident manager, on-site Luxury Attach concierge, and a 24-hour doorman. Amenities include a full-floor fitness center, basketball court, simulator room, playroom, library, billiards, cards room, and terrace with outdoor grill.

 

Brad worked with City National Bank to negotiate the following key terms:

  • 75% LTV
  • 30 Year Amortization
  • No Prepayment Penalty

 

Progress Capital is a leading Commercial Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners, operators and developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and directly funded over $150 Million.