Progress Capital Arranges $3.5 Million Loan for Retail Condo in Brooklyn
Brad Domenico of Progress Capital negotiated a $3.5 Million loan for the refinance of a retail condo in Brooklyn, NY. Retail tenants include Key Foods Grocery and Dollar Tree, both of which are currently locked into long term leases. The undisclosed borrower, a large Manhattan commercial real estate investment and development firm, requested a refinance which included cash out for immediate investment to expand their CRE portfolio.
Having negotiated several loans on behalf of the borrower, Brad and his team continue to work with lenders to get his client the best terms available. Domenico was able to negotiate a 10 year fixed rate loan with 1 year interest onlybased on a 30 year amortization, 75% LTV and Non-Recourse.
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress