$1.975 Million Refinance Secured for New York Multifamily Property
Ridgewood, NY – Brad Domenico arranged a $1,975,000 loan for a valued client to refinance a 3-story multifamily building located at 791 Onderdonk Avenue, Ridgewood, NY.
The property is approximately 5,625 SF and consists of 7 residential units made up of one 4-bedroom, five 3-bedrooms and one 2-bedroom. This well-maintained building is close to the M train and Seneca Avenue and about 5 minutes from the L train at Myrtle Ave. The neighborhood, which borders Bushwick has an array of great restaurants and neighborhood hot spots like The Bad Old Days, Milo’s Yard and many more.
Since purchasing the property, the borrower has vacated 4 of the units, during which time they were able to renovate and lease at free market rents. The upgrades included an ultra-modern chef’s kitchen with top of the line stainless steel appliances, washer/dryer, hardwood floors and stunning 11 ft. ceilings.
As units become vacant, the borrower intends to continue making improvements to further increase the property’s value. There are 3 rent stabilized units remaining at the property.
Brad worked with Cross River Bank to negotiate a 3.875% interest rate fixed for 5 years with 30-year amortization and a 70% loan to value ratio.
Progress Capital is a commercial real estate advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. With over 30 years of experience, we continually prove our value to our clients by securing the best financing options available in the market.