Bridge Loan Arranged for Demolition of Class C Warehouse to Be Converted to Townhomes
Brad Domenico of Progress Capital secured a $1,892,000 bridge loan for a valued borrower to demolish a previously acquired 31,400 SF Class C warehouse to be re-zoned for mixed-use. The borrower plans to build 34 townhomes on the property which is the first phase of a larger 222,382 SF community featuring residential, retail and office space to be built around the subject location.
The terms of this bridge loan include:
• 12 Months Interest Only
• Yield Maintenance – 3 Months
• 12% Interest Rate
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