Closed Loans

Abe Mann Secures $4,170,000 to Refinance Mixed-Use Harlem Property

In a rising interest rate environment, Abe Mann secures a low 4.17% interest-rate fixed for 7-years to refinance a mixed-use property located at 537 Lenox Avenue. Located in the Harlem neighborhood of Manhattan, this 3-story walk-up consists of 8 residential units and one ground level commercial tenant.

Mann negotiated a $4,170,000 permanent mortgage which allowed the client to retire the existing debt on the property and recapture a significant amount of vested equity. This will be used to fuel continued real estate acquisitions and add to an already robust portfolio. The non-recourse loan represents a 80% LTV and provides 2 years interest only with a 30-year amortization thereafter.

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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