$2.2 Million Refinance Secured for Brooklyn, NY Mixed-Use Property
Brad Domenico arranged $2,200,000 to refinance a recently renovated mixed-use property located at 271 Malcolm X Blvd in Brooklyn, NY.
The 4-story building is comprised of 7 apartment units and 2 retail units consisting of 6,240 SF. The residential unit mix is made up of seven 3- bedroom/1-bathroom units and consists of 3 rent stabilized tenants and 4 free market tenants. The (2) retail units are fully leased on 5 and 10-year lease terms with rent escalations. The renovations include feature upgraded kitchens with new updated appliances and high-end finishes, large bedrooms, and hardwood floors throughout.
The property is ideally located in the Stuyvesant Heights section of Bedford-Stuyvesant, which has become one of Brooklyn’s most famous neighborhoods. The property is surrounded by a variety of restaurants, retail stores, boutiques, supermarkets, pharmacies, and much more. It is also conveniently located in terms of public transportation with several bus stops just steps from the property, in addition to its close proximity to the subway stations including the A/C train at Utica Ave.
Brad worked with Red Capital Markets LLC to negotiate the following key terms:
- 80% LTV
- 42% Fixed for 5 Years
- 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