$2.925MM Secured for Acquisition of Two Newark Multifamily AssetsMount Pleasant Neighborhood Continues to Show Strong Sales for Multifamily Properties
By: Progress Capital Advisors "Newark is on fire right now – we are advising all of our clients to explore acquisitions throughout the city as Newark is poised for major growth. The Mount Pleasant neighborhood in the Northward is showing strong sales through 2017 on multifamily assets," mentioned Domenico. The two properties, one a four story brick apartment building with 29 residential units and the second a three story brick building with 22 residential units, are 95% occupied at the time of acquisition. This loan represents a 75% Loan to Purchase Price. Domenico was able to secure a rate of 3.625% based on a 12 year term with 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 End
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