$7 Million Arranged with 1 Year Interest-Only for Richmond Hill Mixed-Use Building
A valued client approached Brad Domenico of Progress Capital to refinance the existing debt on their mixed-use asset located at 115-02 Jamaica Avenue in the Richmond Hill section of Queens. The mixed-use property is a 38,000 SF fully occupied 3-story brick retail/office building occupied by ‘Wavecrest Management Team’ on the third floor, national gym brand ‘Crunch Fitness’ on the second level with national retailer ‘Dollar Tree’ occupying the prime street-level location.
Each tenant is currently subject to a lease agreement with 10+ years remaining on initial terms. Domenico negotiated a $7,000,000 non-recourse permanent mortgage loan representing a 60% loan to property value with 1 year of interest-only at 4.25%
Key terms of this loan include:
- 1 Year Interest-Only
- 4.25% Fixed for 7 Years
- 7 Year Term with 5 Year Extension Option
- 30 Year Amortization
- 5-5-4-4-3-1-1 Prepayment Schedule
- 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
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