Progress Capital said Thursday that Partner Brad Domenico and Vice President Frank Stanislaski arranged $14 million in refinancing for a client’s commercial real estate property portfolio, consisting of three mixed-use properties located in Hoboken.
Valley National Bank provided the financing, accompanied by favorable terms, including a 2-year interest-only period.
“Valley National Bank was able to provide aggressive but flexible terms for the borrower and his team to complete their business goal. It was a win-win deal,” Domenico said.
The locations of the properties include 1327 Willow Ave., 221 Washington St. and 1224 Washington St. The properties combined contain a total of four commercial units and 40 residential apartments, ranging from one to four bedrooms.
The buildings are situated in the best areas of Uptown Hoboken, with easy access to numerous forms of public transportation, including the Hoboken PATH, as well as the 126 Bus, which offers easy access to New York City.