$2.7 Million Secured in Acquisition of Mixed Use Property in Bronx, NY
Brad Domenico, Partner at Progress Capital, negotiated a $2,700,000 permanent mortgage loan for a valued client to acquire a mixed-use building located at 2400 Cambreleng Avenue in Bronx, NY.
The five (5)-story property consists of three (3) commercial units and seventeen (17) residential units. The commercial unit mix is comprised of a deli, mobile phone store, and a hair salon. The residential unit mix of the building contains seven (7) one-bedroom units and ten (10) two-bedroom units. The building is ideally located within the Belmont neighborhood of West Bronx close to public transportation, various shops, restaurants, grocery stores and more.
Brad negotiated the loan to include the following key terms:
- 25% Fixed for 5 Years
- 30 Year Amortization
- 71% LTV
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