$5,965,000 Arranged for Gut Renovated Newark Central Business District Mixed-Use Asset
Progress Capital Advisors' Brad Domenico secured financing through Sabal Capital at a 75% Loan to Value.
By: Progress Capital Advisors
Working with Sabal Financial, Domenico arranged a $5,965,000 non-recourse loan with 24 months interest-only, representing a 75% loan to value. The loan is secured by the aforementioned property – a four story mixed-use building with 5 one-bedroom and 11 two-bedroom loft style apartments with three street level retail units. Currently a Krauzer's convenient store and restaurant Harvest Table occupy the retail space.
The loan is structured on a 20 year term with an initial rate of 3.95% fixed for 7 years and 30 year amortization. The borrower can choose to pay off the loan early with a 5-5-4-4-3-2-
About Progress Capital Advisors
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