F inancial D igest
M id A tlantic Real Estate Journal —December 24, 2021 - January 20, 2022 — 13A
www.marej.com
EW JERSEY — Brad Domenico and Eddie Miro of Prog- N Domenico &Miro collaborate with Arbor Commercial Mortgage to secure favorable terms for borrower Progress Capital arranges $44 Million acquisition loan for 3-property multifamily portfolio
ress Capital a r r a n g e d $44,370,000 in financing f o r a va l - ued c l i ent to acquire 3 multifamily p r ope r t i e s in Mahwah, We s t w o o d and Sho r t Hi l ls, New Jersey. “This was an exciting deal for us, not just be- cause of the
Rolling Gardens
Westview Apartment Complex
Short Hills Village
employers, entertainment, dining options, and an excel- lent school system make it a viable option to the current Manhattan, Brooklyn, Hobo - ken, and Jersey City overflow. Westview Apartment Com- plex is located at 27-55 Green Street in Westwood, NJ. The garden-style property con- tains 9 buildings with 48-units total. Like Rolling Gardens, it is also located in Bergen County. Westwood is known for its downtown, sprawling with restaurants, coffee shops, and parks as well as its highly regarded school system. The lo- cation’s transit-oriented down- town is highly sought after by New York City commuters looking for a city atmosphere
in a suburb. Westwood has 3 highways nearby, Rte. 4 to the South and the Garden State Parkway and Rte. 17 to the West. It has one train station on the NJ Transit Pascack Val - ley line taking commuters into NYC in one hour along with ac - cess to Hoboken’s Path station and several bus Rte.s provided by NJ Transit. Short Hills Village is located at 80 Woodland Road in Short Hills, another affluent town in New Jersey. The location has received many accolades such as “The Wealthiest Zip Code in America” by Time Magazine. It is home to the Short Hills Mall, known solely for its high-end shopping. This garden-style complex is comprised of 3
buildings with 51-units and is situated adjacent to the Cora Hartshorn Arboretum and Bird Sanctuary offering a one-of-a-kind tranquil set- ting. Short Hills Village is ide - ally situated in Essex County, NJ. Through the NJ Transit Authority, residents have ac- cess to the region’s expansive public transportation options. Progress Capital is a com- mercial real estate advisory firm with over $40 Billion in closed loans and $150 Mil- lion of directly funded bridge loans. Since 1990, we have been providing Honest Ad - vice and Expert Execution in order to help our clients get to the closing table… plain and simple! MAREJ local communities, competi- tive pricing, and the ability to close loans quickly coupled with our expansive lending solutions has allowed us to separate ourselves from the competition when it comes to commercial lending. Name some of your most unique qualities/reasons why someone should do business with your finan - cial institution? We pride ourselves in our roll-up-our-sleeves commit- ment to our customers and finding a solution tailored to their needs. We provide our “Blue Is Here For You” personal-touch service to our customers and we are able to quickly close on CRE transactions. MAREJ
Mortgage to secure incred- ibly favorable terms for the borrower. “We have a long-standing re- lationship with Arbor and Eric specifically. Eric was reliable and efficient as usual and re - ally came through in securing terms that exceeded all of our expectations.” Brad continued. The three properties are lo- cated within some of New Jer - sey’s most prestigious towns. Rolling Gardens, located at 405 Franklin Tpke. in Mah- wah, NJ, is a 76-unit, garden- style multifamily property. There are 4 buildings in total that sit on 5.30 acres of land in the highly-desirable Bergen County. Mahwah’s access to public transportation, major
Brad Domenico
Eddie Miro
size but because the individual assets were excellent and we got the chance to work with another family-run company, THG Properties , who were an absolute pleasure start to finish.” Brad said. Domenico and Miro collabo- rated with Eric Regenbo- gen of Arbor Commercial
Robert Slowikowski, Blue Foundry Bank Blue Foundry Bank team offers years of lending experience and the ability to close loans quickly went into a project of this size.
Where do you think your largest growth area is and why? Over the next several years we see the largest area of growth for us in the New Jersey Multi-family and In - dustrial sector. Both sectors have a large demand for the product, especially Indus- trial, as consumer behavior shifts to an ecommerce mind- set. Because of our roots in the New Jersey community, we’re able to keep a pulse on these areas. What separates you from the competition? At Blue Foundry Bank, our team’s years of lending experience, knowledge of our
Robert Slowikowski VP CRE Team Leader Blue Foundry Bank Headquarters: Rutherford, NJ Years as CRE specialist : 4 Years Years with company/firm: 2 Years Years in field: 20+ Years
Area of Interest: Within commercial real estate loans our areas of interest are multi-family housing, mixed-use build- ings, retail centers, offices, and industrial centers. We also have strong expertise in construction loans. Who is your target mar- ket? The New Jersey, NewYork, Eastern PA and Connecticut market. What is your most note- worthy transaction or project this year? Our team closed on a port -
folio of 39 separate Student Housing Buildings in PA. This was a project that our
team was especially proud of because of the amount of collaboration and effort that
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