Progress Capital Arranges $3 Million Refi for 5-Property Portfolio in PA
Will McKenna and Evan Boles of Progress Capital secured $3,000,000 in refinancing for the owner of (5) newly-built properties located along Belmont Avenue/44th Street, Philadelphia, PA.
Both Will and Evan worked closely with the lender and were able to structure pre-stabilization financing, including entering a 4.85% early mortgage rate lock agreement upon term sheet execution.
The Belmont Portfolio includes 1 mixed-used building and (4) apartment dwellings situated on Belmont Avenue/44th Street, a major gateway to West Philadelphia from City Line Avenue.
The densely populated urban neighborhood features a park-like setting with a proximity to both the Main Line and Center City. The location is easily accessible by a variety of routes including I-76, Girard Avenue, Belmont Avenue, West River Drive, as well as public transit provided by SEPTA (Southeastern Pennsylvania Transportation Authority) and the Philly Phlash Downtown Loop, a popular bus connection to historic attractions and cultural institutions.
Progress Capital specializes in arranging debt financing for owners and developers of commercial real estate. For more than 30 years, the firm has provided their valued clients with reliable financing, honest advice and expert execution in order to help them achieve their financing goals.