$2,670,000 for Acquisition of Three Multi-Family Assets
Duke Properties, a leading New York real estate investment firm, approached Brad Domenico to secure financing to acquire three Brooklyn multi-family properties adding to an already robust portfolio.
$1,170,000 was arranged for the acquisition of a 3-story walk up apartment building consisting of 6 residential units located in the Clinton Hill neighborhood of Brooklyn, NY. The building is rent stabilized with one vacant unit which the borrower will update at his own expense. This loan represents a 75% LTV with the following terms:
• 4.35% Rate Fixed for 3 Years
• 3 Year Term
• 30 Year Amortization
• Declining Pre-Pay
An additional $1,000,000 funded the acquisition of another Brooklyn multi-family asset in Bedford-Stuyvesant. The subject property is a 4-story walk up building with 7 occupied units and 2 vacant apartments. Duke Properties plans a full gut renovation of the building, starting immediately with the two vacant units, repositioning all of the units for premium market rates.
The borrower requested financing for only 26% of the total acquisition and development costs – allowing Progress Capital to secure an interest only acquisition/reserve loan with the following additional terms:
• 12 Months Interest Only
• 4.5% Fixed
• No Prepayment Penalty
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
View Press Release