1300 Palisades Ave. in Union City — Courtesy: Progress Capital Advisors
By Joshua Burd
Progress Capital Advisors has brokered a nearly $5.3 million loan for a client to acquire a 44-unit apartment building in Hudson County, the mortgage brokerage firm announced.
The financing represents 75 percent of the acquisition costs for the property, 1300 Palisades Ave., and includes a 12-month interest-only period at a rate of 3.86 percent, according to a news release. Progress Capital’s Brad Domenico negotiated the nonrecourse loan, which also features an initial five-year fixed-rate period at 3.68 percent with a 20-year term and 30-year amortization.
The unit mix includes one studio, one one-bedroom, 33 two bedrooms and nine three-bedrooms.