Four Operational Parking Lots Along River Road in the Bronx Change Hands in $35,000,000 Transaction
Brad Domenico of Progress Capital Negotiated a $21,000,000 Loan with Natixis Bank on Behalf of Maddd Equities.
A $21,000,000 Loan was arranged by Brad Domenico, Partner at Progress Capital, for Maddd Equities to complete the acquisition of 77,675 sf of paved surface and covered parking lots along River Road at the intersection of McClellan Street. The square footage is separated into four lots, 1150 – 1166 River Avenue – two offering covered parking while two offer open-air surface parking. The subject lots are located in the densely populated concourse neighborhood and approximately four blocks from Yankee Stadium.
“Parking lots are an often-misunderstood asset class and as such securing a mortgage when acquiring such a property can be challenging with the difficulty in forecasting future projections and potential uses while navigating zoning and height restrictions for future developments. Working with Domenico we were able to not only secure financing quickly but also increased the proceeds of our loan allowing us to better leverage the assets across our portfolio,” mentioned Jorge Madruga of Maddd Equities.
Representing 60% of the acquisition price, the initial term of the loan is 24-months interest-only with two 12-month extension options. The bridge loan will allow Maddd Equities a period of ownership in which they can begin work on a proposed three-tower mixed-use development. The proposed buildings will each be 17 floors and encompass 822,329 sf, include 750 residential units and 200,000 sf of ground level retail.
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