NEWARK, N.J. - Sept. 27, 2017 - PRLog -- While there has been some softening in multifamily developments throughout the US as more supply hits the market in Q4, Newark is experiencing a surge in sales, acquisitions and construction lending particularly within this sector. Recently, Progress Capital Advisors Brad Domenico completed the financing of a re-positioned mixed used (multifamily/retail) asset at 127 Halsey Street, the intersection of Halsey St. and Raymond Ave, right in the heart of the downtown Central Business District. The borrower, having previously acquired the property in 2016, completed gut renovations of the building in August of 2017 and sought to enter into a permanent mortgage.
Working with Sabal Financial, Domenico arranged a $5,965,000 non-recourse loan with 24 months interest-only, representing a 75% loan to value. The loan is secured by the aforementioned property – a four story mixed-use building with 5 one-bedroom and 11 two-bedroom loft style apartments with three street level retail units. Currently a Krauzer's convenient store and restaurant Harvest Table occupy the retail space.
The loan is structured on a 20 year term with an initial rate of 3.95% fixed for 7 years and 30 year amortization. The borrower can choose to pay off the loan early with a 5-5-4-4-3-2-1-1 declining pre-payment schedule with no penalty if the loan is satisfied in the last three months of the term.
About Progress Capital Advisors
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
Media Contact
Matt Sadler
7327206313
matt@progressnj.com
Photos: (Click photo to enlarge)
Read Full Story - $5,965,000 Arranged for Gut Renovated Newark Central Business District Mixed-Use Asset | More news from this source
Press release distribution by PRLog
