$4.8 Million Non-Recourse in Myrtle Beach, SC
Brad Domenico, Partner of Progress Capital worked in conjunction with one of our highly experienced clients that predominately invests in multifamily assets in the North East. Recently, they have been expanding in growing markets and were able to identify a great core multifamily asset. The asset was already a quality product, but because of the client’s experience and management skills, he and his team were able to recognize certain inefficiencies that could add tremendous value to the property in a very short period of time.
Progress Capital worked closely with the borrower to arrange the right terms, which gave them the ability to achieve their vision. Progress was also able to find the proper financing structure that did not expose the client to a large pre-payment penalty. This gave our client the ability to exercise the proper exit strategy or refinance the asset in the future.
The property was acquired for $6,100,000 and Progress was able to source a loan for $4,850,000 or 80% LTC with a 7 year floating rate adjusting annually with the option to fix at any time during the loan term.
It’s so important to have a trusted advisor to help borrowers explore options in the marketplace to maximize returns. “Brad took the time to understand the collateral and our goals and objectives before finding the right lending partner,” said Mr. Friedman.
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