Progress Capital Arranges $97 Million in Refinancing for Manhattan Apartment Building
Brad Domenico of Progress Capital secured a $97,000,000 commercial loan for Maddd Equities and Joy Construction to refinance The Lewis, a 186-unit, Class A multifamily property at 411 West 35th Street, NY.
Brad worked with Jared Zimmel of Natixis Bank, who provided a non-recourse loan with a five-year floating rate and two-years I/O.
“It’s important to establish strong relationships in this business and that is exactly what we have done with all parties involved. This was an exciting deal to be a part of and it’s great to see NYC’s multifamily market continue to thrive.” – Brad Domenico
The Lewis is perfectly outfitted in modern style with studio, one and two-bedroom residences. Exuding sophistication from every angle, each residence is complete with refined amenities and an elevated level of finish.
“This execution demonstrates that the New York City multifamily market is in a very healthy place and that competitive financing is still very much available for premier assets and strong sponsors”. – Eli S. Weiss, Principal of Joy Construction.
Nestled at the intersection of three vibrant and energetic NYC neighborhoods (Hudson Yards, Chelsea, and Hell’s Kitchen, the Lewis offers a gateway to the epicenter of the city’s most eclectic dining, shopping, nightlife and more. The residence provides an array of amenities including a doorman and 24-7 concierge service, a state-of-the-art fitness studio, a tenant lounge, and an enclosed parking garage.
Since 1990, Progress Capital has closed over $40 Billion in commercial loans and $150 Million in directly funded bridge loans. As a commercial real estate advisory firm, we can advise you on any real estate investment you are considering and provide the financing advice you need to manage through the commercial real estate acquisition and/or financing process.