$2.5 Million with 3 Years Interest-Only Secured for Acquisition of Brooklyn Multifamily Building

Progress Capital’s Brad Domenico negotiated $2,500,000 for a valued client to acquire the apartment building at 235 Himrod Street in the Bushwick Section of Brooklyn. The property is a four-story walk-up building comprised of 5 recently gut renovated residential units divided between (1) six-bedroom, (2) three-bedroom and (2) four-bedroom duplex apartments. At a sale/purchase price of $3,100,000 this loan represents an 80% loan to value, fixed for 10 years at 4.34% with the first 36-months of the term interest-only.

Additional Terms of This Loan Include:

• 4.34% Fixed for 10 Years
• 36 Months Interest-Only
• 10 Year Term – 30 Year Amortization
• Non-Recourse with Standard Carve-Outs
• 5-5-4-4-3-3-2-2-1-1 Declining Prepay
• No Prepayment Penalty Last Three Months of Term

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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