$3.1 Million Secured for Refinance of Brooklyn, NY Multifamily Property

Brooklyn, NY – Brad Domenico negotiated $3,100,000 to refinance a multifamily property located at 54 Cumberland Street in Brooklyn, NY.

The multifamily building consists of a 4-story walk-up containing 8 residential units. 54 Cumberland Street encompasses 5,940 square feet of gross building area and is situated on a 1,566 square foot parcel in an R6 zone. It is located in the Fort Greene neighborhood of Brooklyn. Downtown Brooklyn is one of the fastest-growing submarkets in the New York metro and a new, wealthy demographic has driven demand for the high-end product overtaking this submarket.

Brad negotiated the following key terms with Metropolitan Bank;

• 85% Fixed for 5 Years
• 30 Year Amortization
• 60% 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