West New York, NJ – $2,040,000

Category

Brad Domenico Negotiates 3.75% on $2.04 Million with 5 Years I/O for  NJ Multifamily Acquisition

 
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:
 

• Rate Reset @ 6-Month Libor+325bps
• 5-4-3-2-1-1 with 1 Thereafter*
• *No PPP last three months
• *No PPP if sold to third party or refinanced with Lender
• 20 Year Term w/ 5 Years I/O
• 30 Year Amortization

 
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