$5.265 Million Secured with 12 Months Interest-Only for Acquisition of Union City Multifamily

Brad Domenico, Partner at Progress Capital, Negotiated the Amount and Terms of the Loan on behalf of the borrower.
 
 
1300 Palisades Ave Union City NJ
1300 Palisades Ave Union City NJ
UNION CITY, N.J. - May 7, 2018 - PRLog -- Brad Domenico of Progress Capital negotiated a $5,265,000 permanent mortgage for the acquisition of the 5-story brick multifamily building at 1300 Palisades Avenue in Union City. The property encompasses 9,304 SF divided into 44-residential units including (9) 3-bedroom, (33) 2-bedroom, (1) 1-bedroom and 1-studio apartments.

Representing 75% of the subject property acquisition cost, this loan includes a 12-month interest-only period at a rate of 3.86%. In addition, Domenico arranged an initial 5 year fixed-rate period at 3.68% with a 20-year term and 30-year amortization. The loan is non-recourse and includes a declining pre-pay schedule.

Progress Capital is a Commercial Real Estate Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners and developers of mixed-use, multi-family, 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 Directly Funded over $150 Million. We get you to the closing table – plain and simple. #thatsPROGRESS

Learn more about this and other recent transactions at:
http://www.progresscapital.com/closed-loans

Contact
Matt Sadler
***@progresscapital.com
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Tags:Multifamily, Commercial Real Estate, Acquisition
Industry:Real Estate
Location:Union City - New Jersey - United States
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