Progress Capital Arranges Acquisition Financing for Winston-Salem Multi-Family Property
In a recent transaction, Brian Anderson of Progress Capital worked on behalf of Dan Salonis and Adam Dickert, Partners of Progress Realty Partners, to secure acquisition financing for a 143-unit multifamily portfolio located in Winston-Salem, NC.
“There’s a reason we work with Progress Capital for anything commercial debt related. They’re the best in the business, hands down,” explained Adam, who oversees the firm’s acquisition efforts.
Brian successfully secured the permanent financing despite several challenges, including rising interest rates and the age of the properties.
Terms of the loan include:
- $8,400,000 Loan
- 3.75% Fixed for 7 Years
- 24-Months I/O
- 3-2-1-0 Prepay
The $11,200,000 transaction represents another acquisition for PRP in North Carolina, as the firm continues to remain focused on buying properties in appreciating markets throughout the southeast US.
“This deal is an absolute homerun for our investors,” said Dan. “We’re excited to get these apartments turned around and capitalize on the continued rent growth throughout North Carolina.”
Progress Capital is a commercial real estate mortgage advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. For over 30 years, the firm has been arranging debt financing for commercial real estate owners and developers, while providing Honest Advice and Expert Execution in order to help clients get to the closing table.