Progress Capital Arranges $60M Acquisition Financing For Multifamily Portfolios In Newark And Irvington, NJ

Progress Capital provided acquisition financing for two multifamily portfolios in Newark and Irvington, NJ. The portfolios consist of seven properties totaling 637 units. The properties are located at 343 Schley St., 129 Chancellor Ave., 585, 595 & 603 Elizabeth Ave., 356-372 Stuyvestant Ave., and 378-404 Stuyvestant Ave. This financing was arranged by Brad Domenico and Frank Stanislaski of Progress Capital, with a loan amount of $60,000,000 from Arbor Realty Trust. The terms of the loan include a fixed rate of 3.0% for 12 years, with a 3-year interest-only period and a loan-to-cost ratio of 82.50%. The loan is non-recourse.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $60,000,000
• Units: 637
• Market: Newark & Irvington, NJ

Brad Domenico and Frank Stanislaski of Progress Capital were the brokers who facilitated the acquisition financing. They can be reached at 908-433-7467 and 732-674-2648, respectively, or via email at [email protected] and [email protected].