$7.35 Million Secured for Acquisition of Philadelphia Multifamily Property
Brad Domenico arranged a $7,350,000 SBA loan for a valued client to acquire a 5-story multifamily property located at 319 W. Chelten Ave in Philadelphia. PA.
The elevator building known as Delmar Morris Apartments contains 62 residential units and is ideally located adjacent to the Chelten Ave. R8 train and close to both the Schuylkill Expressway and Route 1. The building recently underwent a complete gut renovation, thus making it even more valuable.
The loan represents 70% LTV. Brad was able to work with trusted lender Red Capital Markets to negotiate 4.43% fixed for 7 years with 3 Years Interest-Only, 30 Year Amortization and a 20 Year Term.
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