$5.265 Million Negotiated with 5 Years I/O for Two-Building Multifamily Complex in Newark

Brad Domenico of Progress Capital Negotiated the Terms of the Loan on Behalf of 'West of Hudson Properties.'
NEWARK, N.J. - April 3, 2018 - PRLog -- Fully renovated in 2007, the two-building 70-unit apartment complex at 10-36 Osborne Terrace and 9 Hedden Terrace was brought to the market in late 2017. Working with Progress Capital's Brad Domenico, 'West of Hudson Properties' sought to acquire the subject property – adding it to an already robust North Jersey multifamily portfolio.

Domenico negotiated a $5,265,000 non-recourse permanent mortgage with 5 years interest-only at a fixed rate of 3.86%. The loan represents a 65% Loan to Purchase Price accompanied by a 20 year term and 30 year amortization. After the 5 year interest-only period the rate will reset at 6 month LIBOR + 3.25%. In addition, The borrower will adhere to a 3-1-0-0-0 declining prepayment schedule.

Progress Capital loan programs include Fixed Rate Loans, Construction and Specialty Financing as well as Directly Funded Bridge Loans. With over $40 Billion in closed loansand $100 Million in bridge and direct lending, we will get you to the closing table … plain and simple. #thatsPROGRESS

Learn More About This and Other Transactions at http://www.progresscapital.com

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Matt Sadler
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Tags:Newark Nj, Commercial Real Estate, Multifamily
Industry:Real Estate
Location:Newark - New Jersey - United States
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Page Updated Last on: Apr 03, 2018
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