$5 Million Construction Loan Secured for Brooklyn, NY Condo Project
Brad Domenico arranged a $5,085,000 construction loan for a 3-story brick building located at 199-201 23rd Street in the Greenwood Heights neighborhood of Brooklyn, NY.
The property is set to be developed into 6 high-end duplex condo units. The units will be completed with soft-close white cabinetry, Statuary quartz countertops, Kitchen Aid French door refrigerators, 5 burner Kitchen Aid gas range and a fully integrated Bosch dishwasher. The flooring throughout will be select grade Russian white oak with a natural finish, and residences will also feature a two zone, ducted central heating and cooling system plus radiant heating in bathrooms. A private backyard space will also be offered.
The immediate neighborhood of Greenwood Heights offers a plethora of restaurants, bars, and shopping on trendy 5th Avenue. The property is also conveniently located three blocks from the R train at the 25th Street station and the F, G train are nearby.
Brad worked with 1st Constitution Bank to negotiate a loan equal to 65% of the total project cost with an 18-month interest only period plus a 6-month extension
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