Closed Loans

$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

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