$5.2 Million Acquisition Enhances Client Portfolio in Philadelphia Area
Brad Domenico secured a $5,200,000 loan for a valued client to acquire a mixed-use loft apartment building in Philadelphia, PA
The building known as the Keystone Lofts is located at the corner of Keystone Street and Cottman Avenue in the Tacony neighborhood of Philadelphia. The property contains 56 residential units, one commercial space and encompasses an above grade area of 89,575 SF. The two-story building boasts 30-foot ceilings, sweeping views, and distinguished hardwood floors that provide contemporary living with a provocative, character-filled warehouse setting.
Brad worked with Red Capital to negotiate the following key terms which includes 5 Years of Interest Only:
- 4.75% Fixed for 5 years
- Interest Only – 5 Years
- 20 Year Term
- 30 Year Amortization after I/O Period
- 3-1-0-0-0 Prepay
- Non-Recourse
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
