Progress Capital Partner Brad Domenico secured a $60 million loan for a portfolio of 18 multifamily buildings in Hudson County.
Purchased for $75 million, Domenico negotiated a 4.14 percent fixed rate for seven years, based on a 30-year amortization with two years interest.
Niko Nicolaou of Livingston-based Gebroe-Hammer represented both the buyer and the seller in the transaction.
The non-recourse loan represents 80 percent of the subject properties’ total value. Financing was provided by John Darrow of RED Capital.
Commercial mortgage banking firm Progress Capital is based in Tinton Falls.