Closed Loans

Progress Capital Arranges $3.7 Million to Refinance New York Properties

Brian Anderson of Progress Capital secured a total of $3,700,000 for the refinance of two properties located in the Bronx and Staten Island.

$2,100,000 BRONX, NY – Brian locked in favorable terms with TriState Bank to secure a $2,100,000 loan for the mixed-use building located at 387 Bedford Park Boulevard, Bronx, NY.   

Key loan terms included:

  • $2,100,000 Loan Amount
  • 67% LTV
  • 3.55% Fixed for 10 Years
  • 25 Year Amortization

If you live in the Bronx, chances are you had a prescription filled at Leroy Pharmacy, who is the anchor tenant at the building.  Since 1987, Leroy Pharmacy has been filling prescriptions and serving the community in and around the Bronx.  Along with Leroy Pharmacy, the building includes Metro UrgiCare and 8 two-bedroom apartments. 

Bedford Park Boulevard is in the Fordham Section of the Bronx situated near major Bronx attractions including the New York Botanical Gardens, the Bronx Zoo and the famous neighborhood of “Little Italy”.   Public transportation such as the Botanical Garden Train Station and multiple bus stops along Bedford Park Boulevard are all within walking distance.

$1,600,000 STATEN ISLAND, NY – Brian worked with Valley National Bank and secured a $1,600,000 loan for the refinancing of 2052 Richmond Road, Staten Island, NY.

Key loan terms included:

  • $1,600,000 Loan Amount
  • 25 Year Amortization
  • Non-Recourse

Built in 1952, this 18,100 SF medical office building is home to a group of doctors who specialize in Physical Therapy, Chiropractic, Otolaryngology (ENT), Orthopedics and Sports Medicine.   

While both loans were committed before the Covid-19 pandemic, it is a testament to Brian’s diligence and the professionalism of both Valley and TriState to see this through to a successful conclusion.   

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!

 

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