West New York, NJ – A $6,980,000 small balance loan was arranged by Brad Domenico, Managing Director of Progress Capital Advisors, for a valued borrower to refinance a New Jersey multifamily asset on Palisades Ave. The loan is secured by a 4-story elevator building constructed in 2012 including 3 one-bedroom, 18 two-bedroom, 9 three bedroom units accompanied by 47 secure ground floor parking spaces.
The borrower intends to utilize the proceeds of the loan to retire existing debt on the property and recapture equity to fuel continued expansion of their commercial real estate portfolio. Domenico arranged a 12-month interest only period to allow the borrower time to fully lease all units before entering into a permanent 20 year term. Terms of the permanent loan include:
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