$4.25 Million Refinance Arranged for Mixed-Use Property in the Bronx, NY
Brad Domenico secured a $4,250,000 permanent mortgage loan to refinance a mixed-use building located at 2505 Third Avenue in the Bronx, NY.
The property contains 11 residential units above a ground floor retail unit with 2,200 SF. The apartments and retail space are not yet leased and will be delivered in vanilla box condition. The site area is 0.06 acres or 2,441 square feet.
The property is ideally located in historic Mott Haven in the South Bronx within close proximity to the 4, 5, 6 trains located on 138th Street, which makes it an ideal location for the residential tenants. It is also conveniently located off the Major Deegan Expressway, which makes the property easily accessible.
Brad worked with Lakeland Bank to negotiate a fixed rate of 4.5% for 5 years with 30-year amortization. The loan represents a 70% loan to value ratio.
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