By Joshua Burd
Progress Capital Advisors has brokered $6.3 million in financing for a client to acquire a 2.2-acre parking lot near downtown Newark, the mortgaging brokerage firm said.
In a news release Tuesday, Progress said the permanent mortgage is tied to a parcel spanning 296-305 and 308-320 Mulberry St. and 12-14 Cottage St. The lot also features a double-sided billboard currently subject to an annual lease.
The borrower is entering into a lease with L.A. Parking Corp., a company that allows drivers to research and reserve parking spaces via the website Parkopedia.com, Progress said.
Brad Domenico negotiated the financing for Tinton Falls-based Progress Capital, noting that the loan represents 75 percent of the purchase price. The loan is nonrecourse and is accompanied by a seven-year fixed-rate of 4.50 percent and a seven-year term amortized over 25 years.
