$30,000,000 Loan Completes Acquisition of Tillary Street Storage Facility to Make Way for Mixed-Use Construction
Brad Domenico, Partner at Progress Capital, Negotiated the Amount and Terms of the Loan with Jared Zimmel of Natixis.
A joint venture between Maddd Equities and Joy Construction recently acquired the ‘American Storage Facility,’ located at 202-208 Tillary Street – an L-shaped property with frontage on both Tillary and Prince Streets currently the site of a 115,000 SF American Self-Storage facility. To complete the acquisition Brad Domenico arranged a $30,000,000 18-month interest-only loan. The loan allows Maddd Equities and Joy Construction a reasonable period of ownership to begin executing plans on a two-tower mixed-use development.
At the time of closing, the plans filed with the Department of City Planning include a 22-story 160,000 sf mixed-use tower with 178 residential units and a second 19-story 75,000 sf tower with an additional 84 residential units. The Towers will be in accordance with the city’s mandatory inclusionary housing policy, and 25 percent will be designated permanently affordable.
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