Progress Capital Arranges Refinancing for Mixed-Use Property in PA
Principal owners of a 44-unit luxury boutique community located in one of Philadelphia’s HOTTEST neighborhoods obtains $8,435,000 in refinancing arranged by mortgage brokers, Brad Domenico and Frank Stanislaski of Progress Capital. The lender, Tri-State Capital provided 2-year interest only financing on a non-recourse basis.
The borrowers acquired 330 Cecil B. Moore Avenue two years ago and improved the property with a brand new four-story, mixed-use building comprised of 42 residential apartments and 2 retail units. Of which, Brad Domenico also arranged construction financing for at the time.
The building sits in a highly visible five-point intersection in Philly’s South Kensington neighborhood and is just five blocks from Berks Station on SEPTA’s Market-Frankford Line, which provides a 12-minute access to Center City.
This neighborhood exudes an artistic vibe, boasting a slew of art galleries, performing arts venues, design centers, and vibrant murals. Additionally, many shops, restaurants and the bustling nightlife of Fishtown and Northern Liberties are all within walking distance.
South Kensington, one of Philadelphia’s first “industrial suburbs,” retains a large chunk of its industrial character and heritage. But it has also benefited from the wave of residential development and redevelopment that has washed over neighboring Northern Liberties and Fishtown. All over its southern reaches, new apartment buildings and townhouses have sprouted where workshops once stood.