Domenico of Progress Capital negotiates a $6.8 million permanent mortgage for office building
MILLBURN, NJ — The medical office building located at 90 Millburn Ave. recently changed hands in an $8.5 million transaction. Brad Domenico negotiated a $6.8 million permanent mortgage, or 80% LTV, for his client to purchase the property, adding to an already robust commercial real estate portfolio. Encompassing 21,834 s/f over two floors, the building is divided into 11 individual units and was fully occupied at the time of purchase by nine medical tenants. Accompanying the loan is a seven year fixed rate at 4.75% with a 15-year term and 30-year amortization. The loan may be repaid without penalty at any time. Domenico also arranged a $4.81 million non-recourse permanent mortgage for a client to refinance their multifamily property at 469 Elizabeth Ave. in the Weequahic Neighborhood of Newark. The subject property is a six-story brick elevator building containing 58 residential units. The unit mix includes (38) 1-bedroom units, (8) 2-bedroom units and (12) 3-bedroom units. The building sits along the popular Weequahic Lake and adjoining park and is within close proximity to downtown Newark, transit into NYC and Newark Liberty International Airport.