Progress Capital has arranged a $27 million acquisition loan for a multifamily complex in Kearny, it announced recently.
The loan will finance the deal for the General Kearny Apartments, six buildings totaling 171 units at 41-109 Belgrove Drive, Progress Capital said. Borrower Robert Tagliareni purchased the property from an undisclosed 17-year owner.
“Each deal has their own set of challenges,” Domenico said in a prepared statement. “When working with a difficult seller, it is important to have a strong, knowledgeable team to aid in working through such challenges so that our client’s needs are met. Niko is a rock star, so I knew having him involved would help immensely.
“Michael was great to work with. He was very accommodating and provided what we needed to allow time and an interest-only period for my client to implement his plan for the property. ConnectOne is a class act and a pleasure to work with.”