Progress Capital Arranges $2.8 Million in Financing of Manhattan Properties
Caillin Boles of Progress Capital secured $2,800,000 in financing for two New York properties located at 205 Avenue B and 528 East 13th Street.
The following terms were negotiated by Caillin who worked with Lakeland Bank.
- $2,800,000 Loan
- 3.875% Fixed for 10 Years
- 60% LTV
- 30 Year Amortization
The two properties are situated in the trendy East Village section of Manhattan, known for its happening nightlife, old‐school bars, music venues and performance spaces that share the streets with posh cocktail lounges and hip restaurants. Daytime sees a more laid‐back crowd by browsing boutiques, vintage shops, tattoo parlors and dining at casual cafes.
A mixed-use, prewar building located at 205 Avenue B, was originally built in 1910 and contains four levels that are occupied by a total of 15 units; (1) commercial unit and (14) residential apartments. The 5-story multifamily building located at 538 East 13th Street, contains 20 apartments. The owner has recently renovated both properties with features including new flooring and updated kitchens and baths.
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!