Progress Capital Arranges $6 Million in Refinancing for Special Education Facility in Harlem
Brad Domenico of Progress Capital secured $6,000,000 in refinancing for a circa 1910 building located at 159 West 127th Street in the Central Harlem neighborhood of Manhattan, owned by MADDD Equities.
Since purchasing the property less than 10 years ago, the owners have invested significant capital in renovations made to the 111-year-old building. Updates include state-of-the-art mechanics, a new elevator and high-end finishes. The property is occupied by a single-tenant educational facility, the New York Center for Child Development, on a long-term, 30-year, triple net (NNN) lease. The low-rise building is configured with 17 classrooms, 2 teachers offices, and a playground located on the roof, plus a finished lower ground floor, which operates as a pre-school and day care center to accommodate a capacity of 284 children.
“Closing a deal like this one, holds significant value to me. As I was able to arrange the financing needed for a property that occupies a special needs facility, NYCCD provides education and therapeutic services for children with significant mental and developmental delays.” -says Brad Domenico
Brad worked with TD Bank and negotiated the most favorable terms available.
“Great success comes from providing a service that benefits a community.” – added Brad Domenico
159 West 127th Street is situated in Harlem, a thriving and vibrant gentrified neighborhood that continues to provide value and opportunity to Manhattan. The property is surrounded by a variety of retail shops, cafes and boutiques. Additionally, it is conveniently located near numerous bus stops, subways and trains, making public transportation easily accessible.
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.