West New York, NJ – Brad Domenico of Progress Capital negotiated a $3,120,000 commercial real estate mortgage for a valued client to refinance the building located at 404-414 50th Street in West New York. The subject property is a multifamily property constructed in late 2016. The 5-story building includes 13 luxury one-bedroom units accompanied by 8 rentable ground-floor parking spaces, currently 100% occupied.
The proceeds of the loan will be used by the borrower to repay a $2,000,000 construction loan and recapture $1,120,000 in equity to fund future portfolio acquisitions. Newly stabilized, the appraised value of the property is $4.2 Million, making this loan a 75% loan to value and accompanied by the following terms:
• 3.99% Fixed for 5 Years
• Libor Floating thereafter
• 3-1-0 Prepay
• 20 Year Term
• 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