Progress Capital Secures $1.4M for Refinance of Bed-Stuy Multifamily Property

Progress Capital’s Partner, Brad Domenico secured a $1,414,500 loan for GD Capital Group to refinance their property located at 273 Malcolm X Blvd., Brooklyn, NY.

Brad worked with Webster Bank who provided the following terms:

• $1,414,500 Loan
• 3.11% Fixed for 7 Years
• 30 Year Amortization
• 65% LTV

The property contains a 4,290 SF renovated multifamily building that was originally built in 1927. The 4-story building consists of 4 residential units and sits in the Bedford-Stuyvesant section of north central Brooklyn, touting plenty of classic brownstones along tree-lined streets. Bed-Stuy is revered for its historic architecture, containing one of the highest concentrations of Victorian properties in all of New York City.  The property is just a 5-minute walk to the A, C trains, as well as several bus stops, including nearby cozy coffee shops, grocery stores, entertainments spots and hip bars.

Progress Capital is a commercial real estate advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans.  Since 1990, we consistently get our clients to the closing table… plain and simple!