$3.8 Million Secured for Acquisition of 5 Multifamily Properties in Philadelphia, PA
Philadelphia, PA – Brad Domenico arranged a $3,864,000 loan for a valued client to acquire 5 adjacent luxury apartment buildings located at 422 & 426 North 40th Street and 439 & 443 Wiota Street in Philadelphia, Pennsylvania.
The 5 multifamily properties consist of 18 residential units total and are largely occupied by Drexel University students. Every unit features high ceilings, large closets, hardwood floors and carpeting. The kitchens feature granite countertops with stainless steel appliances.
The subject property offers a strategic location right next to the Lancaster Avenue Corridor where many new projects are underway that will connect to Drexel University’s 12-acre region-altering Innovation Neighborhood. The University City/Powelton Village neighborhood is well served with world class medical facilities, universities and much more. This is by far one of the most exciting livable, walkable, bikeable residential areas of Philadelphia.
Brad worked with Red Capital to negotiate the following key terms:
- Non-Recourse
- 2 Years Interest Only
- 4.38% Fixed for 7 Years
- 30 Year Amortization
- 70% LTV
Progress Capital is a commercial real estate mortgage 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
