$6.3 Million Construction Loan Secured for Brooklyn, NY Luxury Condo Project
Brooklyn, NY– Brad Domenico arranged a $6,300,000 construction loan for a valued client to construct a 3-story luxury residential condominium building located at 241-243 North 5th Street in the Williamsburg neighborhood of Brooklyn, NY.
At the time of closing, the existing structure on the lot was delivered vacant and will be demolished as part of the ground-up redevelopment project. The adjacent lot was delivered as a vacant parcel of land at time of closing and is planned to be comprised of 10,000 SF GBA. The redeveloped building will offer six (6) high-end residential duplex units which the borrower intends to market for sale each as individual condos upon completion.
Brad worked with 1st Constitution Bank to negotiate 65% LTC and an 18-month Interest-Only period.
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