$8.95 Million Secured in Acquisition of South Brooklyn Development Assemblage
Abe Mann Negotiated the Amount and Terms of the Loan on Behalf of the Borrower.
Working on behalf of an existing client, Abe Mann, Vice President at Progress Capital, negotiated an $8,950,000 permanent mortgage for the acquisition of an assemblage of warehouse properties totaling more than 48,000 square feet. The sponsor is in contract to acquire several adjacent parcels to make way for a proposed 150,000 sf mixed-use development. The properties will include a mix of retail and office space. Until they close on the adjacent parcels, the client requested the sites location to remain confidential.
Abe secured the $8,950,000 loan with a regional bank. The loan amount represents a 75% LTV and is accompanied by a 5-year fixed-rate at 4.75%, 25-year amortization and flexible prepayment schedule.
“Acquiring an assemblage of industrial properties can often be a daunting task considering environmental, zoning and future use restrictions. However, we were able to navigate the process with ease ultimately landing with a lender who believes in the overall scope of the project.” – mentioned Abe Mann
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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