$2.1 Million with 24 Months I/O Secured for Acquisition of Vacant Brooklyn Multifamily Building
Working with Duke Properties, Brad Domenico arranged a $2,100,000 permanent mortgage to acquire the vacant multifamily building located at 54 Cumberland Street in Brooklyn, NY. The building is a 5,940 SF, four story, walk-up divided into 8 residential units, well located in the historic Fort Greene District of the city. The borrower intends to gut-renovate the existing units and modernize the building’s HVAC and common spaces before lease-up at current market rates.
Domenico negotiated the amount and terms of the loan with Valley National Bank, securing $2.1 Million with 24 months interest-only. The loan represents 71% of the subject property purchase price and 57% of the total project cost. The I/O period is accompanied by a 3 year fixed-rate of 4.88% on a 3 year term and 30 year amortization.
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