West New York, NJ – A valued client approached Brad Domenico of Progress Capital Advisors seeking financing to acquire the 16 unit, 4-story walk-up apartment building at 6112-6114 Palisades Ave in West New York, NJ. The subject property was newly constructed in 2007 and contains (1) studio unit, (9) one-bedroom units and (6) two-bedroom units spread over 10,208 SF with an additional 12 rented garage parking spaces. With borrower investment of $1.5 Million on a purchase price of $3.5 Million, Domenico arranged a $2,040,000 CRE mortgage with 5 years interest only at a favorable 3.75%.
This loan will be non-recourse with standard carve-outs and include the following additional terms:
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