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

East Orange: (49 Prospect St, 60 N. Arlington Ave, 17 Summit Ave, 112 Lincoln Ave, 444-450 Prospect Ave, 363-365 Park Ave, 161 N. Arlington Ave, 6 Glenwood Ave, 376 Park Ave, 30 Beech St, 365 William St, 46 N. Arlington Ave) Irvington: (25-41 Smith St, 999 Stuyvestant Ave, 405-419 Stuyvestant Ave, 25 Linden Ave, 992-94 Myrtle Ave, 977-983 Stuyvestant Ave, 633 Nye Ave, 572 Stuyvestant Ave, 1309-1315 Clinton Ave, 1-3 Fuller Pl, 724 Lyons Ave, 89 Wagner Pl
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This MultiFamily property located in NJ received a loan of $81,000,000 about 3 years ago. The broker of the deal was Brad Domenico

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.

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Deals
  • Location
    49 Prospect Street49 Prospect Street
  • Loan Value
    $81,000,000$81,000,000
  • Asset Type
    MultiFamilyMultiFamily
  • Parties
    1 Broker, 1 Agency1 Broker, 1 Agency

Agent

Brad Domenico

Brad Domenico

Deals114
Financed$2.1B

Agency

Progress Capital

Progress Capital

Agency
Deals382
Volume$4.9B

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Deal Summary

[embed] LOAN IMAGE: Brad Domenico, Granit Gjonbalaj, Glenn Palilla, & Brian Scharf DATE: 01/04/2021 ADDRESS: East Orange: (49 Prospect St, 60 N. Arlington Ave, 17 Summit Ave, 112 Lincoln Ave, 444-450 Prospect Ave, 363-365 Park Ave, 161 N. Arlington Ave, 6 Glenwood Ave, 376 Park Ave, 30 Beech St, 365 William St, 46 N. Arlington Ave) Irvington: (25-41 Smith St, 999 Stuyvestant Ave, 405-419 Stuyvestant Ave, 25 Linden Ave, 992-94 Myrtle Ave, 977-983 Stuyvestant Ave, 633 Nye Ave, 572 Stuyvestant Ave, 1309-1315 Clinton Ave, 1-3 Fuller Pl, 724 Lyons Ave, 89 Wagner Pl MARKET: East Orange & Irvington ASSET TYPE: Multifamily LENDER: Arbor Commercial Mortgage - Brian Scharf LANDLORD: Spaxel - Granit Gjonbalaj & Glenn Palilla BROKER: Brad Domenico (@Domenico317) - Progress Capital (@Progress.Capital) LOAN AMOUNT: $81,000,000 LOAN TERMS: Acquisition Financing for Multifamily Portfolio of 24 Properties / Non-Recourse

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East Orange: (49 Prospect St, 60 N. Arlington Ave, 17 Summit Ave, 112 Lincoln Ave, 444-450 Prospect Ave, 363-365 Park Ave, 161 N. Arlington Ave, 6 Glenwood Ave, 376 Park Ave, 30 Beech St, 365 William St, 46 N. Arlington Ave) Irvington: (25-41 Smith St, 999 Stuyvestant Ave, 405-419 Stuyvestant Ave, 25 Linden Ave, 992-94 Myrtle Ave, 977-983 Stuyvestant Ave, 633 Nye Ave, 572 Stuyvestant Ave, 1309-1315 Clinton Ave, 1-3 Fuller Pl, 724 Lyons Ave, 89 Wagner Pl

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