12A — August 10 - 23, 2018 — Financial Digest — M id A tlantic
Real Estate Journal
www.marejournal.com
F inancial D igest
ILLBURN, NJ — The medical office building located at Newark apartment complex refinances for $4,810,000 in Newark, NJ Domenico of Progress Capital negotiates a $6.8 million permanent mortgage for office building M
90 Millburn Ave. recent- ly changed hands in an $8.5 million transaction. Br ad Do - menico ne- g o t i a t ed a $6.8 million
Brad Domenico
permanent mortgage, or 80% LTV, for his client to purchase the property, adding to an al- ready robust commercial real estate portfolio. Encompass- ing 21,834 s/f over two floors, the building is divided into 11 individual units and was fully occupied at the time of pur- chase by nine medical tenants. Accompanying the loan is a seven year fixed rate at 4.75% with a 15-year term and 30- year amortization. The loan may be repaid without penalty at any time. Domenico also arranged a $4.81million non-recourse per- manent mortgage for a client to refinance their multifamily property at 469 Elizabeth Ave.
469 Elizabeth Ave.
in the Weequahic Neighbor- hood of Newark. The subject property is a six-story brick elevator building containing 58 residential units. The unit mix includes (38) 1-bedroom units, (8) 2-bedroom units and (12) 3-bedroom units. The building sits along the popular Weequahic Lake and adjoining park and is within close prox- imity to downtown Newark, transit into NYC and Newark Liberty International Airport. Domenico arranged a 5-year fixed-rate at 4% on a 20-year term and 30-year amortiza- tion. The loan represents a
65% LTV. The loan is also assumable and the borrower may prepay the loan at any time based on a declining prepayment schedule. The proceeds of the loan will be used to retire the existing debt on the property and provide a cash-out of vested equity to the borrower which will be used to fund additional multifamily acquisitions throughout NJ and the NY metro area. Domenico negotiated the amount and terms of the 10- year loan Progress announced in Janu- ary 2017 a 8,400 s/f mixed-use
185 Broadway in Newark
commercial building located at 183-185 Broadway in New- ark caught fire which caused severe damage throughout the entirety of the structure. Renovations to the structure began immediately after the fire, building out 10 modern and spacious residential units on the 2nd and 3rd floors with one retail unit encompass- ing the ground level. The residential unit mix includes (6) 1-bedroom units and (4) studios. Recently stabilized, the borrower, working with
Domenico, sought to retire the existing construction debt and enter into a permanent mort- gage on the newly renovated asset. The $1.2 million mortgage has a 10-year term amortized over 30-years. The loan has a 5-year fixed-rate at 4.92%, a declining prepay schedule and represents 70% of the subject property’s value. The proceeds of the loan allowed the borrow- er to recapture over $500,000 to be invested back into their commercial portfolio.
NEW PRICE - APPROX. 117.92 ACRES WESTMORELAND COUNTY, PA FORMER GOLF COURSE WITH SEVERAL MODERN BUILDINGS AT ONE END OF PROPERTY POTENTIAL DEVELOPMENT — RESIDENTIAL HOMES, SENIOR LIVING COMMUNITY, ELDER CARE CAMPUS, HOSPITAL CAMPUS OR LARGE ESTATE PROPERTY ALL PUBLIC UTILITIES READILY AVAILABLE ADJACENT TO WESTMORELAND COUNTY COMMUNITY COLLEGE QUICK ACCESS TO US ROUTE 119, INTERCHANGES OF I-70 & TURNPIKE PA ROUTES 66 & 76. VARIETY OF ZONING SURROUNDING PROPERTY: INSTITUTIONAL, NEIGHBORHOOD COMMERCIAL, CORRIDOR & SUBURBAN RESIDENTIAL ADDITIONAL INFORMATION AVAILABLE ON LOOPNET INVESTORS REAL ESTATE AGENCY JAMIE HENRY jamiehenry9@aol.com 724-925-0215 MARK ALLISON mallison5@aol.com 724-925-0215
Your 1031 Exchange Resource We work with you to construct a customized replacement portfolio through the use of Delaware Statutory Trusts (DSTs) and/or actively managed properties.
Edward Kasperavich, CFA, Deborah Stackpole, and Matthew Nielsen 45 N. Broad Street, Suite 401 Ridgewood, NJ 07450 201-258-4762 1031@stonecrestpartners.com www.stonecrestpartners.com Securities offered through Stonecrest Capital Markets, Inc., Member FINRA/SIPC
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