469 Elizabeth Ave. in Newark — Courtesy: Progress Capital Advisors
By Joshua Burd
The owner of an apartment building in Newark’s Weequahic neighborhood has refinanced for nearly $5 million, following a transaction brokered by Progress Capital Advisors.
The commercial mortgage brokerage firm said it arranged the $4.81 million nonrecourse, permanent mortgage for the owner of 469 Elizabeth Ave., a 58-unit property. The client, which acquired the building in 2016, has completed renovations including a new roof, upgrades to the boiler and hot water system and the installation of security cameras and key fob entry system.
Brad Domenico, a partner with Tinton Falls-based Progress, negotiated the loan for the six-story brick building. The proceeds of the loan — which has a five-year fixed rate of 4 percent on a 20-year term and 30-year amortization — will be used to retire the existing debt on the property and provide a cash-out of vested equity to the borrower.
Progress also noted that the owner has repainted all common areas, made elevator improvements and installed new heat regulating systems. Additionally, 14 apartments have been completely renovated.
The property is located along the Weequahic Lake and adjoining park, with close proximity to downtown Newark, mass transit and Newark Liberty International Airport
