Progress Capital Facilitates $81M Loan For Multifamily Portfolio In East Orange And Irvington. Arbor Commercial Mortgage Provides Non-Recourse Financing

A multifamily portfolio consisting of 24 properties located in East Orange and Irvington has secured $81 million in acquisition financing. The properties are situated at various addresses, including Prospect St, N. Arlington Ave, Summit Ave, Lincoln Ave, Prospect Ave, Park Ave, Glenwood Ave, Beech St, William St, Smith St, Stuyvestant Ave, Linden Ave, Myrtle Ave, Nye Ave, Clinton Ave, Fuller Pl, Lyons Ave, and Wagner Pl. The transaction was facilitated by Brad Domenico of Progress Capital, representing the buyer Spaxel, led by Granit Gjonbalaj and Glenn Palilla as the landlords.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $81,000,000
• Lender: Arbor Commercial Mortgage - Brian Scharf
• Landlord: Spaxel - Granit Gjonbalaj & Glenn Palilla
• Broker: Brad Domenico - Progress Capital

Brian Scharf, representing Arbor Commercial Mortgage, served as the lender for the acquisition financing. Notably, the loan provided is non-recourse, securing the multifamily portfolio deal.