Progress Capital arranges $44M acquisition loan for 3-property multifamily portfolio

Progress Capital announced Thursday that it arranged $44.37 million in financing for a valued client to acquire three multifamily properties in Mahwah, Westwood and Short Hills.

“This was an exciting deal for us, not just because of the size but because the individual assets were excellent and we got the chance to work with another family-run company, THG Properties, who were an absolute pleasure start to finish,” Brad Domenico, a partner with Progress Capital, said.

Progress Capital’s Domenico and financial analyst Eddie Miro collaborated with Eric Regenbogen of Arbor Commercial Mortgage to secure incredibly favorable terms for the borrower.

“We have a longstanding relationship with Arbor, and Eric specifically. Eric was reliable and efficient as usual and really came through in securing terms that exceeded all of our expectations,” Domenico said.

Rolling Gardens, located at 405 Franklin Turnpike in Mahwah, is a 76-unit, garden-style multifamily property. There are four buildings in total that sit on 5.3 acres of land in the highly desirable Bergen County.

Westview Apartment Complex is located at 27-55 Green St. in Westwood. The garden-style property contains nine buildings with 48 units total. Like Rolling Gardens, it is also located in Bergen County.

Short Hills Village is located at 80 Woodland Road in Short Hills. The location has received many accolades such as “The wealthiest ZIP code in America” by Time Magazine. It is home to the Mall at Short Hills, known for its high-end shopping. This garden-style complex is comprised of three buildings with 51 units and is situated adjacent to the Cora Hartshorn Arboretum and Bird Sanctuary, offering a one-of-a-kind tranquil setting. Short Hills Village is ideally situated in Essex County.