1930’s Brownstone Undergoes Renovation with Funding Arranged by Progress Capital
Progress Capital’s Brad Domenico secured a $1,680,000 acquisition and renovation loan for a valued borrower to acquire a Cornelia Street Brownstone in Ridgewood, NY. A complete renovation of the 3 story multi-family property featuring 6 rentable units is planned. In addition to acquisition proceeds, the loan provides funds for renovation and also tenant relocation fees. Highlights are:
- 3 Year Term with one 12-month extension option
- Floating Rate over Prime
- Interest Only
- Non-Recourse upon Stabilization
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
