$30 Million Refinance Loan Secured for Bronx, NY Multifamily Property
Bronx, NY – Brad Domenico arranged $30,000,000 for a valued client to refinance a luxury residential development known as the Bridgeline Apartments, located at 329 East 132nd Street, Bronx, NY.
The property is 73,129 SF and contains a 12-story Class A building comprised of 91 residential units that range from studios to two-bedroom layouts. The units are made up of (38) studios, (38) one-bedroom units, and (15) two-bedroom units. Residences feature natural hardwood flooring, floor-to-ceiling windows and an assortment of modern fixtures and appliances. Available amenities include a landscaped roof deck with outdoor cooking and dining areas, residents’ lounge, fitness center, bike storage, and private parking.
In addition, the property offers a 421-A tax abatement in place for 15 years with a fully market-rate residential program, this retains a competitive advantage over many newly constructed residential projects in the coming years that are not eligible for the program.
Located in the heart of the historic Mott Haven District of the South Bronx, the property offers immediate access to uptown and midtown Manhattan. The neighborhood provides a growing array of cultural and dining options, which contribute to the area’s live-work-play lifestyle.
Brad worked with Sterling National Bank to negotiate a 3.41% interest rate fixed for 10 years with 30- year amortization.
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
