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

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