$30 Million Construction Loan, 128 Luxury Apartments, Limited Recourse – 80% LTC
Partner, Brad Domenico, led the Progress Capital team in arranging a $30 million construction loan. Terms included 24 months interest only with a 6 month extension at LIBOR + 350; 25% Limited Recourse and 80% LTC.
The borrower, a long term client of Progress Capital is constructing a 7-story apartment building with a 2-story garage at 1475 Palisade Avenue in Teaneck, NJ. The building will consist of 128 residential units, ranging from 1-bedroom to 3-bedroom with den and balcony. The partially covered garage will accommodate 256 parking spaces. The beautifully appointed building with open lobby and high end finishes in each living space is perfectly placed in Teaneck with 90% of the workforce employed as professionals.
“More and more, Progress Capital is becoming the financial arm of our clients“, Domenico said. “We treat each of their deals as if it is our investment, providing a thorough financial analysis to ensure profitability and portfolio growth.”
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