$3 Million Refinance for Multifamily in Bronx, NY
Brad Domenico, Partner at Progress Capital secured $3,000,000 to refinance a multifamily building located at 311 East 188th Street, in the Fordham neighborhood of the Bronx. On behalf of Ryan Zar of Moonlight Property Group, Domenico negotiated the terms and structured the loan with John Darrow of RED Capital Mortgage.
This is a non-recourse, bears an interest rate of 4.25% and has 12 months interest only. There are nuances associated with Freddie Mac and Fannie Mae executions that Progress Capital is expert navigating, noted Brad. However, the benefits of a higher LTV, low rates and interest-only options are worth exploring by all multifamily owners.
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