Progress Capital Arranges Refinancing for Coney Island Property
In a recent loan transaction, Brian Anderson of Progress Capital secured $6,050,000 in refinancing for the owner of a ground leased Walgreens located at 2586-2608 Coney Island Avenue, Brooklyn, NY.
Anderson negotiated favorable loan terms including a 10-year interest-only SWAP rate on a non-recourse basis, which was important to the borrower.
The site benefits from a hard corner location providing maximum exposure in desirable Sheepshead Bay, a sub-market in Brooklyn. The property sits just north of Brighton Beach and has a feeling of half-suburb, half-ocean town. Additionally, it’s positioned near major transit hubs in a highly walkable and bicycle-friendly neighborhood and is one block from the major commercial thoroughfare of Kings Highway, providing residents access to shopping, banking, pharmacies, medical and professional services, bars/ restaurants, private schools and places of worship.
Progress Capital is a commercial real estate advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. With over 30 years of experience, we continually prove our value to our clients by securing the best financing options available in the market.