3.70% | $2.5 Million | Non-Recourse for Park Slope Mixed-Use Refinance
Abe Mann, of Progress Capital arranged a $2.5 Million permanent mortgage for a valued client to refinance and recapture equity in a mixed-use asset in the Park Slope section of Brooklyn. The property recently underwent a series of capital improvements, including a new HVAC, central air, pipes, electrical, lighting fixtures, poly-coated floors, drywall, paint, decking and fencing. The property is a mixed-use building with ground level retail and 15 renovated market rate residential units. The ground level retail is currently subject to a long-term lease with Bank of America.
This loan allowed the Borrower to secure trapped equity to fuel the continued expansion of their commercial portfolio throughout New York City and the Five Boroughs.
Additional key terms of this loan include:
- 3.70% Fixed for Five Years
- Rate Reset at 2.25% above six month LIBOR with a cap
- 30 Year Term
- 30 Year Amortization
- 5-4-3-2-1 Declining Prepay
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