$5.6 Million Arranged for Staten Island NNN CityMD
Brad Domenico of Progress Capital arranged financing for a 14,000 sf NNN CityMD Urgent Care. The medical office building has a 20-year primary term on the lease, with 19 years remaining and the rent is set to increase 12.5% every five years. The urgent care center is located in a newly developed retail corridor that features the Staten Island Mall, Dick’s Sporting Goods, Marshalls, Best Buy, Costco and Trader Joe’s. It is also located just blocks away from a local high school and the College of Staten Island, with the immediate surrounding area mostly consisting of residential neighborhoods. It is perfectly situated in the heart of a community, providing an ample customer base to drive City MD’s business growth in the long term.
Loan Amount: $5,565,000
Term: 4.375% Fixed for 10 years
Amortization: 30 years
Rate Resets: 1-10 Year
Prepay: 3-2-2-1-1-0 thereafter
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