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Progress Capital Secures $31M Refi on Sussex County Apartments
Brad Domenico and Gabby Cali of Progress Capital secured a $31,050,000 loan for a client to refinance Carlton Village Apartments, a multifamily complex located in Hamburg, NJ, within Sussex County, the state’s northernmost county.
The borrower, a seasoned real estate investor with 45 years’ investment experience, owns and operates in excess of 2,500 units throughout New York and New Jersey. He purchased Carlton Village in 1985, because he saw significant potential in the suburban submarket surrounded by farmland and hills—a decision that has proven prescient.
“Since spring of last year, we’ve been seeing an exodus rise coming from residents living in major cities such as Manhattan, Jersey City and Hoboken.” said Domenico. “As the pandemic looms and people continue to work remotely, it’s apparent that most of them are willing to trade the city life for more living space in locations that aren’t heavily populated and have less overhead.”
- ◦Financing
