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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
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