Progress Capital was tasked with arranging an $11 Million construction to permanent loan in order to renovate a decaying Sandy damaged 52,000 SF mixed use building in Coney Island, NY. The renovation provides a clean and renewed welcoming space for HRA (Human Resources Administration – City of NY) offering much needed support for area residents. The building was also expanded and now includes a 9,400 SF Dollar Tree and a 15,000 SF Blink Fitness, improving the overall neighborhood.
Build it and they will come…
- 7 Million subway riders visit Coney Island each year and 13 Million people visit the beach each season
- NY Aquarium is undergoing a $150MM renovation and expansion
- Rubin Schron is planning a massive 40 Story mixed-use building on Neptune Avenue
- ARC Electric has filed plans for an 86 unit MF building on Mermaid and 15th Street
- Thor Equities brings Coney Art Walls from street artists to his Bowery Street site adjacent to the Coney Island Boardwalk
- Smorgasburg (with locations in Williamsburg and Brooklyn Bridge Park) is coming to Coney Island. “Smorgasburg is a playground for food vendors creating new and interesting eats,” said Joseph Sitt
- Mark Wahlberg is opening up a new 6,800 sf outpost in Coney Island
The renovation loan was a LIBOR floating rate loan which recently converted to a permanent at 4.25% for 10 years on a 25 year amortization. “It was a complicated loan structure that involved three separate credit facilities that were consolidated at the permanent,” said Kathy Anderson. “Without Kathy Anderson working with me throughout the entire three year process, I might not have reached the finish line,” said Steve Samuels, owner.
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