12D — November 19 - December 23, 2021 — Financial Digest — Lenders Directory — M id A tlantic Real Estate Journal
www.marej.com
L enders D irectory Nicolaou & Oropeza of Gebroe served as selling brokers Progress Capital’s Domenico arranges $27M acquisition loan
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portant to have a strong, knowl- edgeable team to aid in working through such challenges so that our client’s needs are met. Niko is a rock star so I knew having him involved would help im- mensely” Domenico said. Luckily, securing financing for the deal proved to be less challenging. Domenico worked with Michael Strauss from ConnectOne Bank to get an excellent financing structure to meet the borrower’s needs. “Michael was great to work with. He was very accommo- dating and provided what we needed to allow time and an interest-only period for my cli-
ing on mixed-use, multifamily, retail and office assets. In this latest acquisition, Robert saw immense upside and opportu- nity for the property, but was met with some challenges from the seller, who owned the prop- erty for 17 years. Domenico along with selling brokers Niko Nicolaou and David Oropeza of Gebroe Hammer worked together as a team to tackle the timing chal- lenges imposed by the seller to close within the expected time frame. “Each deal has their own set of challenges. When working with a difficult seller, it is im -
EARNY, NJ — Brad Domenico of Prog- ress Capital secured
ent to implement his plan for the property. ConnectOne is a class act and a pleasure to work with.” General Kearny Apartments is a six-building, 171-unit prop - erty located in Kearny, which is a highly desirable transit market in Hudson County with no rent control. The property sits on a renovated 3-acre site. The borrower’s plan is to im- mediately inject $1,000,000 of capital into the property. Such improvements will include; roof upgrades, technology to monitor the heating systems throughout the buildings, updating all com- mon and lobby areas, installing
LED lighting, replacing every door and upgrading the base- ment including repainting and cleaning all mechanicals. Over time, the seller had in- vested extensively in exterior building renovations and land- scaping since purchasing the property 17 years ago. A leading architect was retained to design and oversee the improvements. Renovations included new win- dows, new exterior doors, new entry awnings, new railings/ fencing, new courtyards, new centralized mailbox access, new brick pointing, parapet waterproofing, new sidewalks throughout the property and new landscaping. The property also features well-manicured grounds with seasonal plantings, new con- crete walkways, modern rail- ings and decorative brick work. The property also benefits from on-site laundry facilities and parking/storage which generate additional cashflow plus on-site leasing office and maintenance services. Street parking for ten- ants and 29 off-street parking spaces are available for a fee. General Kearny Apartments is in the heart of the Belgrove neighborhood adjacent to other luxury housing, abundant shopping including a super- market-anchored power center and upscale retail. Within walking distance is the “Ke- arny Connection”, dubbed the Midtown Direct, with service directly to New York’s Penn Station. There is no need to travel to Hoboken for PATH service. The $70 million-dollar project cut travel time for com- muters by 20 minutes. “Sometimes it takes a lit- tle more muscle to make a deal happen but it’s nothing we can’t handle. That’s why having strong lending rela- tionships in the industry are important. We’re really ex- cited to see Bob’s vision of the property come to life. It’s one of the pleasures of the job to see neighborhoods transform.” Brad concluded. Since 1990, Progress Capi - tal has closed over $40 Bil- lion in commercial loans and $150 Million in directly funded bridge loans. As a commercial real estate advisory firm, we can advise you on any real estate investment you are considering and provide the financing advice you need to manage through the commer- cial real estate acquisition and/ or financing process. MAREJ
a $27 million loan for the acquisition of “General Ke- arny Apart- m e n t s ” , a six-bui lding mul t i fami ly property lo- cated at 41-
Brad Domenico
109 Belgrove Dr. in Kearny. The borrower, Robert Ta- gliareni has over 40 years of experience investing in com- mercial real estate properties throughout New Jersey, focus -
DID YOU KNOW?...
PROGRESS offers 3 different business lines to help with all your Commercial Real Estate needs !
PROGRESS CAPITAL specializes in arranging debt and equity for commercial real estate owners and developers.
PROGRESS DIRECT provides CRE bridge loans to owners, investors and developers in need of fast and flexible short-term capital.
PROGRESS REALTY PARTNERS offers direct ownership in commercial real estate to accredited investors.
212.400.7151 | info@progresscapital.com | progresscapital.com
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