Progress Capital Arranges $2.5 Million in Acquisition Financing of Little Italy Property
A recent acquisition financing was arranged by Brad Domenico and Frank Stanislaski of Progress Capital who secured a $2,500,000 loan for GD Capital to acquire the massive corner property located at 267 Powers Street, Brooklyn.
Both Brad and Frank worked with Spencer Savings Bank who provided the following loan terms:
- $2,500,000 Acquisition Loan
- 30 Year Amortization
- 75% LTC
Built in the 1920’s, the property sits in the northeast section of Williamsburg, a bustling enclave known for its trendy and diverse mix of glassy condos, hip new restaurants and storefronts. The site contains 2 buildings totaling 8 residential apartments. The unit mix consists of 2 to 4-bedroom units and studios. Features include a private hallway and entrance, hardwood floors throughout, new kitchen with stainless steel appliances and washer/dryer.
The property is positioned in Little Italy, Williamsburg’s section known as one of New York’s notable Italian-American neighborhoods for much of the 20th century. While it may not have the tourist reputation of Manhattan’s Little Italy or the old-fashioned village-like coziness of Carroll Gardens, this section of the ‘burg owned its little bit of Italy rights from the 1800s until as late as the 1990s. The north end of Graham Avenue was even christened “Via Vespucci” to commemorate the historic Italian-American community.
The biggest change to the neighborhood includes the demographic shift from largely populated Italians to a significant mixture of Polish, Asian and Puerto Rican populations that came with the dawn of the 21st century. The area previously viewed as an Italian outpost, is now a melting pot, much like the rest of the city. Like many immigrant communities, this one is tightly-knit, colorful and surrounded by a variety of great ethnic restaurants like Sage, Carmine’s, Mesa Coyoacan, Okozushi, Concord Hill and Okonomi. Annual street festivals include the “Festa dei Gigli” (feast of lilies) every July, followed by a two-week closure of streets surrounding Our Lady of Mount Carmel church on Havemeyer and North 8th Streets become a sea of celebration often compared to Manhattan’s San Gennaro festival that takes over Little Italy each September.
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 consistently get our clients to the closing table… plain and simple!