$2.185 Million With 36 Months Interest-Only Secured for Acquisition of Irvington Multifamily Building

Brad Domenico of Progress Capital, negotiated a $2,185,000 permanent mortgage loan for a valued client to acquire the multifamily building located at 26-30 Elmwood Avenue in Irvington. The subject property is a 24,800 SF apartment building consisting of (24) two-bedroom and (8) one-bedroom units. Appraised at a current as-is value of $2,900,000 this loan represents a 75% loan to value ratio. The loan includes a 36 month interest-only period accompanied by the following key terms:

• 4.45% Fixed for 10 Years
• LIBOR Floating Thereafter
• Declining Prepayment Schedule
• 36 Months Interest-Only
• 20 Year Term
• 30 Year Amortization
• Non-Recourse

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