Progress Capital Arranges $8,250,000 to Refinance the Historic Bronx Former Apple Bank Building
The former Apple Bank Building at 2526 Grand Concourse in the Bronx is slated to undergo renovations to the street level and basement retail spaces that currently sit mostly vacant with the exception of a Dunkin Donuts currently leasing one of four retail units. The landlord, Maddd Equities, relied on Brad Domenico to find the right lender to fund renovations, modernizing the property with the intent to attract national retail tenants seeking a uniquely large space in Bronx’s main shopping district along Grand Concourse.
Domenico was able to negotiate an $8,250,000 loan with 24-month interest-only, retiring the existing debt on the property and providing sufficient capital to complete approved renovations. The 24-month interest-only period is accompanied by a floating rate at 1-month LIBOR + 3.50% with a floor of 4.75%. After the interest-only period, the loan will convert to a permanent mortgage with a 10 year term and 25 year amortization. Upon transition from the interest-only period the borrower will have three rate options with varied prepayment terms that will be decided at then current market rates.
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