Closed Loans

$1,930,000 for Borrower to Renovate Two Weehawken Properties

Brad Domenico of Progress Capital arranged two loans, a combined $1,930,000 in financing, for a borrower to expand his portfolio in the Metro NY / Weehawken areas.

$1,120,000 was secured for a construction to permanent loan for a 7,800 SF two family home located at 546 Gregory Avenue which is being gut renovated into 2 luxury three-bedroom/two bathroom units.  The loan terms included:

Construction Loan

  • 18 Month construction period w/ 6-mo. ext. provision
  • 25% Interest Only – fixed during construction

Converting to Permanent Loan

  • 30 Year Term / 30 Year Amortization
  • Rate to be fixed at the 5 Year UST plus 2.50%
  • 3-3-2-2-1-0 prepay

Domenico also arranged an additional $810,000 in financing for the same borrower to acquire a former TD Bank branch located at 4200 Park Avenue which the borrower plans to convert into 3 commercial units and 4 apartments.  The borrower requested a short-term bridge loan while he finalizes his approvals.

  • 15 Month Term
  • 25% Fixed
  • Interest Only
  • Option to Extend

Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress

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