PROGRESS CAPITAL | West New York, NJ – $6,980,000
16337
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West New York, NJ – $6,980,000

Category
Multi-Family
About This Project

$6,980,000 Arranged for Refinance of Renovated West New York, NJ Multifamily Asset

 
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:
 

  • 3.9% Fixed for 5 Years
  • Prepay 3-1-0-0-0 – 0% thereafter
  • 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
 


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View Press Release
 
Brad Domenico Arranges Financing for Sale of Historic Ironbound Station Plaza
 
$13.5 Million Secured for Renovation of Broad Street Office Building to Be the New Home of Newark Public Schools Board of Education.
 
$9.975 Secured to Acquire and Reposition Broad Street Retail / Office Corner
 
75% LTV on Newark Multifamily Asset
 
$3.8 Million to Acquire Former Newark “Sandstone Building”
 
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