top of page
  • Newark apartment complex refinances for $4,810

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.

bottom of page