Progress Capital Arranges $5.0 Million Land Acquisition and Pre-Development Loan for East Harlem Site
On behalf of joint venture partners Certes Partners and the Hakimian Organization, Brad Domenico, Partner at Progress Capital worked with Emerald Creek Capital to secure a $5,000,000 land and pre-development loan for 212-216 East 125th Street in East Harlem. The existing structures are being demolished to make way for the development of a new mixed-use building to incorporate commercial space, as well as residential apartments.
Nearby residential, hotel, office and retail developments totaling over 4 million SF are revitalizing the streetscapes as tenants are drawn to the neighborhood amenities at a discount to Manhattan prices. A two-block walk to Metro-North train provides regional commuter access.
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, we continually prove our value to our clients by securing the best capital options available in the market.