CLOSED LOAN Multifamily
$44 Million Acquisition Loan Arranged for 3-Property Multifamily Portfolio
Various, NJ - $44,000,000
Brad Domenico and Eddie Miro of Progress Capital arranged $44,370,000 in financing for a valued client to acquire 3 multifamily properties in Mahwah, Westwood and Short Hills, New Jersey.
"This was an exciting deal for us, not just because of the size but because the individual assets were excellent and we got the chance to work with another family-run company, THG Properties, who were an absolute pleasure start to finish." Brad said.
Brad and Eddie collaborated with Eric Regenbogen of Arbor Commercial Mortgage to secure incredibly favorable terms for the borrower.
"We have a long-standing relationship with Arbor and Eric specifically. Eric was reliable and efficient as usual and really came through in securing terms that exceeded all of our expectations." Brad continued.
The three properties are located within some of New Jersey's most prestigious towns.
Rolling Gardens, located at 405 Franklin Turnpike in Mahwah, NJ, is a 76-unit, garden-style multifamily property. There are 4 buildings in total that sit on 5.30 acres of land in the highly-desirable Bergen County. Mahwah's access to public transportation, major employers, entertainment, dining options, and an excellent school system make it a viable option to the current Manhattan, Brooklyn, Hoboken, and Jersey City overflow.
Westview Apartment Complex is located at 27-55 Green Street in Westwood, NJ. The garden-style property contains 9 buildings with 48-units total. Like Rolling Gardens, it is also located in Bergen County. Westwood is known for its downtown, sprawling with restaurants, coffee shops, and parks as well as its highly regarded school system. The location's transit-oriented downtown is highly sought after by New York City commuters looking for a city atmosphere in a suburb. Westwood has 3 highways nearby, Route 4 to the South and the Garden State Parkway and Route 17 to the West. It has one train station on the NJ Transit Pascack Valley line taking commuters into NYC in one hour along with access to Hoboken's Path station and several bus routes provided by NJ Transit.
Short Hills Village is located at 80 Woodland Road in Short Hills, another affluent town in New Jersey. The location has received many accolades such as "The Wealthiest Zip Code in America" by Time Magazine. It is home to the Short Hills Mall, known solely for its high-end shopping. This garden-style complex is comprised of 3 buildings with 51-units and is situated adjacent to the Cora Hartshorn Arboretum and Bird Sanctuary offering a one-of-a-kind tranquil setting. Short Hills Village is ideally situated in Essex County, NJ. Through the NJ Transit Authority, residents have access to the region's expansive public transportation options.
Progress Capital is a commercial real estate advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. Since 1990, we have been providing Honest Advice and Expert Execution in order to help our clients get to the closing table… plain and simple!
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