$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
