Progress Capital negotiates the terms of loan on behalf of West of Hudson Properties
NEWARK, NJ — Fully renovated in 2007, the two-building 70-unit apartment complex at 10-36 Osborne Terrace and 9 Hedden Terrace was brought to the market in late 2017. Working with Progress Capital’s Brad Domenico, ‘West of Hudson Properties’ sought to acquire the subject property – adding it to an already robust North Jersey multifamily portfolio. Domenico negotiated a $5.265 million non-recourse permanent mortgage with 5 years interest-only at a fixed rate of 3.86%. The loan represents a 65% Loan to Purchase Price accompanied by a 20 year term and 30 year amortization. After the 5 year interest-only period the rate will reset at 6 month LIBOR + 3.25%. In addition, The borrower will adhere to a 3-1-0-0-0 declining prepayment schedule.