Progress Capital arranges $27M acquisition financing for Kearny apartments

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.

Niko Nicolaou and David Oropeza of Gebroe-Hammer Associates brokered the deal. Brad Domenico of Progress Capital worked with them to secure the financing from ConnectOne Bank’s Michael Strauss.

“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.”