$2.9 Million Funds Construction of New Brooklyn Multifamily Building
$2.9 Million was secured for a client of Partner, Brad Domenico, to acquire and subsequently fund demolition and new construction of a 4-story multifamily building along Brighton 4th Street in the Brighton Beach neighborhood of Brooklyn. The new building will include (13) 1-bedroom luxury apartments upon stabilization.
Domenico negotiated the $2,900,000 loan, representing a 70% LTC with a 42-month with a 30-year amortization. The loan is accompanied by an 18-month interest-only construction period at a fixed-rate of 5.25%. The borrower has one optional 6-month extension option on the interest-only construction period.
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