$2,000,000 Negotiated for Acquisition, Demolition and New Construction of Brooklyn Multifamily Building
Progress Capital’s Brad Domenico arranged a $2,000,000 construction to permanent mortgage loan with 24-months interest-only for a valued client to acquire the existing property at 1672 Dean Street in Brooklyn. The 24 months interest-only will be at a floating rate of WSJP + .50%.
Upon acquisition, the borrower intends to demolish the existing structure and construct a 5-story 8-unit multifamily building. Upon stabilization the borrower has the option to convert to a 5 year permanent based on a 25 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
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