Progress Capital Arranges $15 Million CRE Loan For Maddd Equities To Purchase Harlem Property
Brad Domenico, Partner at Progress Capital arranged a $15,000,000 acquisition CRE loan for 124-132 East 125th Street, New York NY. Acquiring this parcel was crucial to Jorge Madruga, Principal of MADDD Equities, as it was an important piece of the puzzle needed to proceed with his planned project.
Brad worked with Metropolitan Bank who provided the financing accompanied by favorable terms including 2-years interest only.
According to MADDD Equities, the plan includes merging the newly acquired parcel and air rights with the neighboring owned properties to allow for a larger development site. Debt financing for the previously purchased assemblage of properties was also arranged by Brad.
The corner property will be improved with a brand new building comprised of retail/commercial and community facility uses. The site is situated on the corner of Lexington Avenue and 125th Street in the Harlem neighborhood of Manhattan. It’s within walking distance of public transportation and recreational parks, such as McNair Park, Alice Kornegay Triangle and Harlem Art Park.
Maddd Equities LLC is a real estate development and investment firm based in New York. Jorge Madruga has over twenty years of experience in acquisitions, construction, asset repositioning and development across a broad spectrum of property types. Maddd Equities manages a portfolio of 3,000 multifamily units as well as roughly 500,000 SF of commercial space.
Progress Capital is a commercial real estate advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. Since 1990, we have been providing Honest Advice and Expert Execution in order to help our clients get to the closing table… plain and simple!
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