Brad Domenico Secures $3.4 Million for Acquisition of Historic Multifamily Asset in Newark, NJ

With latest Newark acquisition loan, Progress Capital Advisors funds over $100 Million in CRE assets.
By: Progress Capital Advisors
 
$3.4 Million Acquisition - Elizabeth Avenue Newark, NJ
$3.4 Million Acquisition - Elizabeth Avenue Newark, NJ
NEWARK, N.J. - Sept. 21, 2017 - PRLog -- The city of Newark continues to be an active area for Progress Capital Advisors.  With over $100,000,000 financed through Q3 of 2017 there is obvious momentum behind the revitalization of downtown Newark and surrounding areas. Managing Director, Brad Domenico recently arranged $3,400,000 non-recourse loan for a valued client with significant commercial real estate investments throughout Hudson, Essex and Bergen Counties, to acquire a multi-family asset in the suburban Weequahic neighborhood.

The loan is secured by a 6-story elevator equipped building with 58 units including 4 studio, 27 one-bedroom and 17 two-bedroom apartments. At a purchase price of $4,500,000 and with borrower equity of $1.2 Million this loan represents a 75% loan to purchase.  The term of the loan is 12 years at a rate of 3.625% fixed for 7 years and a declining pre-payment schedule.

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.

Brad Domenico | Progress Capital Advisors | Managing Director
(908)433-7467  |  brad@progressnj.com

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Tags:Newark Real Estate, Progress Capital Advisors, Acquisition Loan
Industry:Financial, Loans, Real Estate
Location:Newark - New Jersey - United States
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Page Updated Last on: Sep 21, 2017



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