Progress Capital secures $60M loan for multifamily portfolio in Hudson County

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.