$3,460,000 Negotiated With 2 Years Interest-Only For Bed-Stuy Multifamily Building
Progress Capital Partner, Brad Domenico negotiated a $3,460,000 Permanent Mortgage for NY based, Oved Group, to acquire the multifamily property at 662 Madison Street in the Bedford-Stuyvesant neighborhood of Brooklyn. The subject property is a 10,160 SF 4-story pre-war building divided into 8 residential units and fully occupied at the time of acquisition.
Acquired at $4.31 Million, this loan represents an 80% loan to purchase price and is accompanied by a 24 month interest-only period at a 7 year fixed rate of 3.85%.
Additional Key Terms of This Loan Include:
- 3.85% Fixed for 7 Years
- 24 Months I/O
- 20 Year Term
- 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