$8 Million Refinance Secured for Brooklyn, NY Multifamily Property
Abe Mann of Progress Capital arranged an $8,000,000 loan to refinance a package of two multifamily properties located in the Fort Green neighborhood of Brooklyn. The properties total 77 units and have been owned by the same partners for over 30 years.
Abe was successful in targeting the perfect lender for this transaction, a bank that specializes in NYC multifamily, which provided a rate of 3.60% Fixed for 7 Years that was locked at term sheet signing. The Non-Recourse permanent financing provides flexible step-down prepay, 30-year amortization and was priced at par with no deposit relationship required.
The properties were owned free and clear, and the sponsors will use their cash-out proceeds towards a Mixed-Use development in Crown Heights. They appreciated Abe’s diligence throughout the process, and advice to structure permanent financing on this package as opposed to a more time-consuming construction loan in Crown Heights.
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