PROGRESS CAPITAL | Brad Domenico of Progress Capital Advisors Arranges $1,930,000 for Two Loans in Weehawken, NJ
Brad Domenico of Progress Capital Advisors arranged two loans, a combined $1,930,000 in financing
brad domenico, commercial real estate, commercial property, commercial financing, commercial loans, commercial real estate new jersey, commercial real estate new york,
14801
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Weehawken, NJ – $1,930,000

Category
Construction, Multi-Family, Retail
About This Project

 

$1,930,000 for Borrower to Renovate Two Weehawken Properties

 
Brad Domenico of Progress Capital Advisors arranged two loans, a combined $1,930,000 in financing, for a borrower to expand his portfolio in the Metro NY / Weehawken areas.

 

$1,120,000 was secured for a construction to permanent loan for a 7,800 SF two family home located at 546 Gregory Avenue which is being gut renovated into 2 luxury three-bedroom/two bathroom units.  The loan terms included:

 

Construction Loan

  • 18 Month construction period w/ 6-mo. ext. provision
  • 4.25% Interest Only – fixed during construction

 

Converting to Permanent Loan

  • 30 Year Term / 30 Year Amortization
  • Rate to be fixed at the 5 Year UST plus 2.50%
  • 3-3-2-2-1-0 prepay

 

Domenico also arranged an additional $810,000 in financing for the same borrower to acquire a former TD Bank branch located at 4200 Park Avenue which the borrower plans to convert into 3 commercial units and 4 apartments.  The borrower requested a short-term bridge loan while he finalizes his approvals.

 

  • 15 Month Term
  • 5.25% Fixed
  • Interest Only
  • Option to Extend

 

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