David Cappello Negotiates $1,200,000 with 5 Year Fixed-Rate for Refinance of Brooklyn Multifamily Building
David Cappello negotiated $1,200,000 for a valued client to refinance the multifamily building located at 296 Linden Street in the Bushwick section of Brooklyn. The subject property is a 2,850 SF 3-story walk-up building with 3 luxury residential units. All units are currently occupied and subject to annual term leases.
Cappello secured 4.88% fixed for 5-years on a 15-year term with a 25-year amortization. This loan represents a 75% loan to value and maybe prepaid at any time during the term without penalty. The proceeds of the loan will be used to retire existing debt on the property and recapture $200,000 in vested equity that will be reinvested in the borrowers growing commercial portfolio.
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