HUDSON COUNTY , NJ – Brad Domenico, partner at Progress Capital, negotiated a $60 million acquisition loan for a portfolio of 18 multifamily buildings located in Hudson County, NJ. The portfolio was purchased for $75 million. Niko Nicolaou of Gebroe-Hammer represented both the buyer and the seller in the transaction.
Domenico secured a 4.14% rate fixed for 7-years based on a 30-year amortization with two years interest only. The non-recourse loan represents 80% of the subject properties total value. Financing was provided by John Darrow of RED Capital.
Hudson County is one of the fastest-growing counties in New Jersey due to its proximity to NYC. It has become a desired place to live for those who work in Manhattan, especially with the recent build-up of its largest city, Jersey City. As these towns and cities keep developing, we’ll see more multifamily properties manifest and more people flock to these areas for lower cost of living as an alternative to Manhattan.