Closed Loans

Progress Capital Arranges $2.6 Million CRE Loan for Brooklyn Multifamily Property

Brad Domenico and John Libretti of Progress Capital secured bridge financing for a client to purchase 400 Suydam Street, a vacant multifamily building located in Brooklyn, NY.  JLJ Capital provided financing with favorable terms including full term I/O.

CHALLENGE:

  • Close within 30 days
  • Obtain acquisition and construction financing with no approvals in place

SOLUTION:

In under 30 days, Brad and John were able to assist the borrower in obtaining a bridge loan inclusive of construction financing.  Thus, allowing the sponsor to gut renovate the building and ultimately deregulate the building through substantial rehabilitation.

The 5,913 SF multi-family building is currently comprised of (6) residential units, which will be updated with modernized features, including hardwood flooring throughout, stainless-steel appliances, granite countertops and in-unit washer and dryers.

The building is within walking distance of various restaurants and shops that are located along Wilson and Central Avenue, as well as Woodhull Medical Center and Maria Hernandez Park.  Additional nearby conveniences include the Central Avenue subway station which, via the M Train provides residents an easy commute to lower Manhattan.

Progress Capital is a commercial mortgage advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans.  With over 30 years of experience, we continually prove our value to our clients by securing the best capital options available in the market.

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