Progress Capital Arranges Acquisition Financing for Multifamily Property in Rockaway Park
Brian Anderson of Progress Capital is well aware that opportunity doesn’t knock twice. So, when his client required financing to jump on an exceptionally rare investment opportunity through Ten-X, Brian knew he had to work quickly and efficiently to deliver.
By working closely with all parties involved, Brian was able secure a $4,415,000 acquisition loan with Blue Foundry Bank, enabling the sponsor to purchase a value-add multifamily property located in the only beach town in New York City.
2-15 Beach 101 Street, Rockaway Park, NY is a 24,075 SF, 32-unit apartment complex well situated in an Opportunity Zone providing commuters access to the A and S trains, the terminus of the IND Rockaway Line and its associated services. The JFK International Airport is just nine miles away, the Rockaway Beach Boardwalk is within walking distance, and there are numerous amenities that surround the area within a brief five-mile radius.
“It was a pleasure working with David Levi, Evan Koransky (Ten-X) and Patrick Norris (Colliers International/Tri-State Capital), as their significant help and efficiency really helped get this deal to the closing table.” – Brian Anderson
Progress Capital, a commercial real estate mortgage advisory firm specializes in arranging debt financing for commercial real estate owner and developers. Established in 1990, Progress Capital has closed over $40 Billion in commercial loans with $150 Million of directly funded bridge loans.