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$1,235,000 Arranged for Newark Broad Street Gut Renovated Multifamily Acquisition

Brad Domenico of Progress Capital Advisors Secured Financing with Regal Bank.

NEWARK, N.J. - Oct. 19, 2017 - Rezul -- With over $100 Million secured in financing for commercial real estate assets throughout Newark, Brad Domenico of Progress Capital Advisors continues to arrange a large number of loans for valued borrowers to acquire, expand, renovate and fit-out Newark assets in a rapidly developing urban market. Recently, Domenico arranged a $1,235,000 for a borrower to acquire the mixed-use multifamily asset at 1183 Broad Street in close proximity to Newark's Downtown Renaissance. The subject property, known as 'The Fulton,' is a four-story walk-up building with 17 residential units divided into 1 one-bedroom, 13 two-bedroom and 3 three-bedroom apartments. The property was gut renovated prior to acquisition with new plumbing, heating, kitchens, floors, bathrooms, common areas, building hvac, windows and roof.

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Domeninco arranged the $1,235,000 non-recourse permanent loan, representing a 65% loan to purchase price, with Regal Bank of New Jersey. Repayment terms include a declining prepay schedule of 4-3-3-2-1 and 0 thereafter.  The loan is based on a 30 year term with a 30 year amortization with a 5 year initial fixed rate of 3.875%.  After the initial 5 year fixed period rate will reset at UST +250 bps.

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

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Media Contact
Matt Sadler

Source: Progress Capital Advisors

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