M id A tlantic Real Estate Journal — Financial Digest — April 23 - May 20, 2021 — 17A
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F inancial D igest
ERSEY CITY, NJ — Progress Capi tal ’ s Par tner , Brad Do - menico Gebroe-Hammer’s Nicolaou inks sale of Jersey City property Progress Capital secures $17,250,000 acquisition loan for Journal Square mixed-use building J
1920’s era building known as 125 Magnolia at Journal Square. The mixed-use build- ing contains a total of 99 units comprised of five ground-floor retail units and 94 residential apartment units. Each of the units have recently undergone high end kitchen and bath- room renovations, as well as the installation of new win- dows. Some additional build- ing improvements completed include a new roof, upgraded lobby and new contemporary elevator system. The property is situated on the corner of Summit and Magnolia avenues in the heart
of the Journal Square section and is within one block of the Journal Square PATHStation. Nearby recreational facilities include 5 parks within 4.4 miles, including Liberty Sci- ence Center, Liberty Landing Marina, and Ellis Island Na- tional Monument. Progress Capital is a com- mercial mortgage advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. With over 30 years of experi- ence, we continually prove our value to our clients by securing the best capital options avail- able in the market. MAREJ
s e c u r e d a $17,250,000 a c q u i s i - t i o n l o a n for Spring P r o p e r t y M a n a g e - m e n t o f Oh i o t o
Brad Domenico
purchase the mixed-use build- ing located at 125-129 Magno- lia Ave., Jersey City. The sale of the property was arranged by Niko Nicolaou , executive VP at Gebroe Hammer As- sociates . “The loan was originally approved as a Fannie Mae execution through Eric Re- genbogen of Arbor Realty Trust . As the Treasury mar- ket started to experience vola- tility, Arbor was able to transi- tion the loan into their Private Label CMBS program, which provided the borrower a better rate plus full term I/O. This was all done seamlessly with no adverse effect on either the proceeds or the closing time- line,” said Domenico. The site contains a five-story Progress Capital arranges $15M acquisition loan for Maddd Equities to purchase Harlem property NEW YORK — Brad Do- menico , partner at Progress Capital arranged a $15,000,000 acquisition loan for 124-132 East 125th St., New York. Ac- quiring this parcel was crucial to Jorge Madruga , principal of MADDD Equities, as it was an important piece of the puzzle needed to proceed with his planned project. Domenico worked with Met- ropolitan Bank who provided the financing accompanied by favorable terms including 2-years interest only. According to MADDD Equi- ties, the plan includes merging the newly acquired parcel and air rights with the neighboring owned properties to allow for a larger development site. Debt financing for the previously pur - chased assemblage of properties was also arranged by Domenico. The corner property will be improved with a brand new building comprised of retail/ commercial and community facility uses. MAREJ
125-129 Magnolia Ave.
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