Progress Capital Secures $2.8M Loan for Asset Realty & Construction Group to Purchase Mixed-Use Property
Mixed-use properties are in high demand. So, it was of no surprise to Kathy Anderson, Founding Partner of Progress Capital when her valued client, Dino Tomassetti, Partner of Asset Realty & Construction Group called on her to arrange the acquisition financing of a 13,000 SF mixed-use property located at 133 Hillside Place, Eastchester, NY.
Kathy worked with Lakeland Bank who provided the following terms:
- $2,800,000 Acquisition Loan
- 3.50% Fixed for 5 Years
- 25 Year Amortization
- 70% LTV
The building was originally constructed in 1928, recently underwent a full renovation and is meticulously maintained. Eight (8) residential units and two (2) retail spaces occupy the premises. The tenant mix includes six (6) one-bedroom, one bath units; two (2) studios; two (2) street retail units, and one (1) large below-grade garage.
This well-maintained brick and stone 3-story walkup building is located within the town of Eastchester, a highly desirable New York City suburb within lower Westchester County. It is a short walk to the Crestwood Metro-North train station and approximately 30 minutes to Midtown Manhattan. Westchester County Airport, La Guardia Airport and John F. Kennedy International Airport are all located within 30 minutes of the property. Additionally, the property’s immediate surroundings include other residential buildings, retail stores, office buildings and fine restaurants.
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!
Asset Realty & Construction Group is a full-service real estate development and investment firm, with specialties in the areas of real estate development, construction, property management and investment.