Vacant Newark Multifamily Asset Acquired to Make Way for New Luxury Residential Development

Brad Domenico of Progress Capital Advisors arranged a $1,750,000 loan for a valued borrower to acquire commercial asset at the intersection of Mulberry Ave. and Park St. in Newark, NJ.
By: Progress Capital Advisors
Luxury Development Coming to Intersection of Park Street and Mulberry
Luxury Development Coming to Intersection of Park Street and Mulberry
NEWARK, N.J. - Sept. 26, 2017 - PRLog -- As we go into the fourth quarter of 2017, it is evident that Newark, NJ is primed for comeback and as such Progress Capital Advisors continues to arrange financing for valued clients expanding their portfolio assets with acquisitions in key Newark neighborhoods.  Recently, Brad Domenico secured $1,750,000 for a client to acquire a downtown multifamily asset. The loan proceeds will be used to acquire the subject property and provide construction funds to renovate and incorporate the existing structure to into a new planned 3 story luxury residential development with 15 units to be the cornerstone of the Mulberry / East Park Intersection.

With a total project cost of $2,250,000 this loan represents a 78% loan to project cost. The borrower anticipates completion of the new development mid-2018 with rental units available shortly thereafter.

The construction period of this loan was arranged as interest only for 12-months at WSJ Prime + 1% with a floor of 5.25%. After the inital interest only construction period the loan will transfer to a permanent with a rate of UST yield + 3% with a floor of 4.75%. Additonally, the permanent mortgage rate will be fixed for 5 years based on a 25 year term and 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

Media Contact
Matt Sadler
Source:Progress Capital Advisors
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Tags:Newark Nj, Multifamily, Luxury Development Newark Nj
Industry:Real Estate
Location:Newark - New Jersey - United States
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