Progress Capital Arranges $22 Million Loan for DoBro Air Rights
In August 2018, Maddd Equities and Joy Construction purchased 202 Tillary Street in Downtown Brooklyn for $30 Million which was (and still is) a 115,000 SF American Self Storage. As expected, they had bigger plans for the site. What was originally going to be a 235,000 SF residential building with a significant affordable component, is now shaping up to be over 400,000 SF after acquiring $25 Million of land and air rights from the New York City Housing Authority (NYCHA). The new project will still fuel their passion of providing affordable housing to New York residents while ALSO providing Ingersoll House funds for necessary repairs.
Brad Domenico of Progress Capital arranged a $30 Million loan from Natixis (senior) and Libremax Capital (mezz) for the acquisition of 202 Tillary Street in 2018. When Jorge Madruga and Eli Weiss had the ability to purchase the additional acreage and air rights from NYCHA, Brad went back to Libremax, who upsized their mezz position by advancing an additional $22 Million.
“I always tell my clients that relationships are often more important than rate shopping, especially when it comes to development. This is a perfect example of how the Maddd Equities and Joy Construction relationship with Natixis and Libremax allowed for this acquisition during COVID.”
Eli Weiss and Jorge Madruga are known for their commitment to community development and public private partnerships. “While the whole world was building luxury condos for Non-New Yorkers and talking about what art they want for the lobby, we stayed true to our core business. While the condo developers are in the Hamptons trying to bulk sale their inventory at a discount, we kept our eye on our mission to improve housing through community driven value add transactions.”
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, Progress continues to provide value to clients by securing the best financing options available in the market. We get you to the closing table…Plain and Simple.
Maddd Equities is a New York based real estate investment, development and management firm that specializes in value-add projects and has participated in multifamily, commercial and residential development and acquisitions in NYC since 1997 with a market value in excess over one billion.
JOY Construction is a New York corporation committed to providing high level construction and development services while building products and relationships that strengthen communities and enhance neighborhoods.