Multi-Family on the Rise!
A highly experience multi-family developer identified a distressed and vacant warehouse in a growing neighborhood of West New York, NJ. The subject property was surrounded by a newly developed multi-family mid-rise, which the Developer felt would only enhance the value of his project. After much planning, the Developer finalized his plans to construct a 5-story, 20-unit luxury residential building. The next step was to solidify his construction financing and like many times before, he called Progress Capital.
Brad Domenico understood his client’s business plan and secured the following financing:
- $4,500,000 construction loan
- 18-month interest only
- LIBOR plus 350 with a 4.0% floor
After the construction period, the Borrower can lock in a 5-year fixed rate at the FHLBNY plus 200 with a 3.75% floor and an additional 5 year reset for a total term of 10 years based on a 30-year amortization. Brad and his team managed the entire financing process and were able to facilitate and deliver a timely closing for the borrower.
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
