Tinton Falls-based Progress Capital has negotiated a $60 million acquisition loan for a portfolio of 18 multifamily buildings in Hudson County.
The portfolio, Progress Capital said, was purchased for $75 million.
Brad Domenico, partner at Progress, negotiated the loan on behalf of his company. He managed to secure a 4.14 percent rate fixed for seven years based on a 30-year amortization with two years interest only.
Niko Nicolaou of Gebroe-Hammer represented both the buyer and seller in the deal.
Progress Capital is a commercial mortgage banking firm that specializes in arranging debt for commercial real estate owners and residential developers, it said.
Other terms of the deal were not disclosed.