Brooklyn Multifamily Refinance Secures 10-Year Fixed-Rate at 4.40%
In a rising rate environment working with a commercial mortgage broker has become almost essential to secure the best market rates. On behalf of his client, Abe Mann secured a low 4.40% interest-rate fixed for 10-years to refinance the multifamily property at 335 18th Street in Brooklyn. The subject property is a 3-story walk-up with 6 residential units.
Negotiating a $1,600,000 permanent mortgage allowed the client to retire the existing debt on the property and recapture a significant amount of invested equity to fuel continued real estate acquisitions adding to an already robust portfolio.
The loan is accompanied by a 10-year term and 30-year amortization. In addition, the borrower may repay the loan at any time without penalty.
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