$4.65 Million Bridge Loan Secured for Newburgh, NY Property
Having previously acquired the land, ferry terminal and existing smaller structures on the properties located at 2-4 Washington Street, 29 South Water Street and 2 Front Street in Newburgh, NY, Brad Domenico was approached by his client to arrange financing to continue development on the site. The proceeds of the loan will be used to retire existing debt on the properties and recapture vested equity to finance a series of Phase I engineering and site costs.
The proposed waterfront development includes 528,583 SF of residential condominiums, 181,811 SF of parking, 101,631 SF of retail space and 1,950 SF dedicated to the Ferry Terminal and Dock. In total the site will include 813,975 SF of mixed-use space. Domenico arranged a $4.65 Million 12 month interest-only bridge loan with (2) 6 month extension options. This loan represents a 50% loan to current as-is value of the multiple properties and existing structures.
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