10 Osborne Terrace and 9 Hedden Terrace in Newark — Courtesy: Progress Capital Advisors
By Joshua Burd
An area property owner has acquired a two-building, 70-unit apartment complex in Newark with more than $5 million in financing arranged by Progress Capital Advisors.
In a news release, the firm said it negotiated the $5.265 million loan on behalf of the buyer, West of Hudson Properties. The funds were used in the acquisition of the complex at 10-36 Osborne Terrace and 9 Hedden Terrace, which was renovated in 2007.
Progress Capital’s Brad Domenico brokered the nonrecourse permanent mortgage with five years interest-only at a fixed rate of 3.86 percent, the news release said. The loan represents a 65 percent loan-to-purchase price accompanied by a 20-year term and 30-year amortization.