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Progress Capital Arranges Acquisition Loan for Apartment Building in NY

On his client’s behalf, Brad Domenico of Progress Capital secured a $20,400,000 acquisition loan for the purchase of Cedar Commons Apartments, a 360-unit multifamily property situated at 900 Calm Lake Circle, Greece, NY.

Cushman & Wakefield’s Niko Nicolaou, Brian Whitmer, Jonathan Weinstein and Ryan Dowd represented the seller in the disposition of the property.

Brad worked closely with Eric Regenbogen of Arbor Commercial Mortgage, who provided a streamlined rate lock.

Key Terms:

  • $20,400,000 acquisition loan
  • Non-Recourse
  • 50% Fixed for 5 Years
  • 3 Years I/O, 3 Years YM
  • 30 Year Amortization

Cedar Commons Apartments is a newly renovated multifamily building that spans 275,556 square-feet comprising of 360 garden apartments.  Amenities include a swimming pool with sundeck, playground and more. Nestled in a park-like setting in the town of Greece, a suburb of Rochester in Monroe County.  Located in an ideal spot, just minutes away from biking and walking trails, shopping and restaurants.

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.

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