Brad Domenico Negotiates 3.75% on $2.04 Million with 5 Years I/O for NJ Multifamily Acquisition

By: Progress Capital Advisors
 
6114 Palisades Ave West New York NJ
6114 Palisades Ave West New York NJ
WEST NEW YORK, N.J. - Dec. 19, 2017 - PRLog -- A valued client approached Brad Domenico of Progress Capital Advisors seeking financing to acquire the 16 unit, 4-story walk-up apartment building at 6112-6114 Palisades Ave in West New York, NJ. The subject property was newly constructed in 2007 and contains (1) studio unit, (9) one-bedroom units and (6) two-bedroom units spread over 10,208 SF with an additional 12 rented garage parking spaces.

With a borrower investment of $1.5 Million on a purchase price of $3.5 Million, Domenico arranged a $2,040,000 CRE mortgage with 5 years interest only at a favorable 3.75%. This loan represents a 65% LTV and is non-recourse with standard carveouts. In addition the borrower will follow a 5-4-3-2-1-1 prepayment schedule with the no PPP in the last three months of the term or if refinanced with existing lender. The current interest rate will reset at 5 years based on 6-month Libor +325bps based on existing 20 year term / 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 (https://progresscapitaladvisors.com/closed-loans/) and $100 Million in bridge and direct lending (http://www.progresscapitaladvisors.com/pca-new), we will get you to the closing table … plain and simple.  #thatsPROGRESS

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Tags:Commercial Mortgage, Mortgage Broker, Commercial Loans
Industry:Real Estate
Location:West New York - New Jersey - United States
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