$6,980,000 Arranged for the Refinance of Renovated W. New York NJ Multifamily Assets

WEST NEW YORK, N.J. - Oct. 11, 2017 - PRLog -- A $6,980,000 small balance loan was arranged by Brad Domenico, Managing Director of Progress Capital Advisors, for a valued borrower to refinance a recently renovated New Jersey multifamily asset.  The loan is secured by a 4-story building constructed in 2012 including 3 one-bedroom, 18 two-bedroom, 9 three bedroom apartments and 47 secure ground floor parking spaces.

The borrower intends to utilize the proceeds of the loan to retire existing debt on property and recapture equity to fuel continued expansion of their commercial real estate portfolio.

Domenico arranged a 12-month interest only period to allow the borrower time to fully lease all units before entering into a permanent 20 year term.  Terms of the permanent loan include a rate of 3.9% fixed for 5 years with a 20 year term and 30 year amortization. The Borrower will have a 3-1-0-0-0 prepay schedule with no prepay penalty thereafter. In addition, this loan represents a 75% loan to value.

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

http://www.progresscapitaladvisors.com