80% Loan to Cost Secured for Paterson Multifamily Acquisition

Brad Domenico of Progress Capital Negotiated the terms of the loan accompanied by a 12 month Interest Only Period.
Multifamily Building at 220 Straight Street in Paterson, NJ
Multifamily Building at 220 Straight Street in Paterson, NJ
PATERSON, N.J. - May 2, 2018 - PRLog -- Progress Capital Partner, Brad Domenico, secured a $7,200,000 non-recourse permanent mortgage for a valued client to acquire the four-story 73,790 SF brick multifamily building at 220 Straight Street in downtown Paterson. The subject property contains 76 residential units divided between (64) 1-bedroom/ 1-bath, (4) 2-bed/2-bath, (4) 2-bed/1-bath and (4) 3-bed/2-bath units and onsite parking.

Domenico negotiated 12 months interest-only and a 5 Year fixed-rate of 3.45%. This loan represents an 80% loan to cost and is accompanied by a 20-year term and 30 year amortization.

Progress Capital is a Commercial Real Estate Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners and developers of mixed-use, multifamily, construction, industrial, retail, office and commercial storage properties. With an unrivaled network of lending partners and capital market relationships we have arranged over $40 Billion in Transactions and Direct Funded $150 Million. We get you to the closing table – plain and simple. #thatsPROGRESS

Learn more about this and other recently funded transactions at:

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Matt Sadler
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Tags:Commercial Real Estate, Multifamily, Finance
Industry:Real Estate
Location:paterson - New Jersey - United States
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