Progress Capital Secures $4.5M in Refinancing of Bushwick Multifamily Portfolio
Brad Domenico, Partner at Progress Capital arranged a $4,500,000 loan for Duke Properties to refinance three multifamily properties located at 188 Suydam Street, 57 Troutman Street and 49 St. Nicholas Avenue, all of which are located in Brooklyn, NY.
The volatility of the current lending environment continues to pose challenges. Nonetheless, Brad managed to work through them by working closely with all parties involved including third party vendors to make certain that all due diligence was completed.
Brad worked with Valley National Bank who provided favorable loan terms, including non-recourse which was important to the client.
The proceeds of the loan will be used by the borrower to refinance the existing debt of the 3 multifamily properties. The remaining funds will be used to fuel their real estate portfolio, including adding value to the property.
All three properties were built in 1931 and each of them are comprised of 4,500 SF with 6 residential units throughout 3 levels. All of the units were renovated to include hardwood flooring throughout, granite countertops, stainless steel appliances, ample kitchen space and much more.
Edgy and increasingly hip, Bushwick is an evolving, industrial area marked by imaginative street art and converted warehouses that are home to artist studios and artisanal coffee shops. Colorful murals cover the warehouse walls and street art can be found throughout the neighboring blocks. The properties are situated right in the mix of the annual Bushwick Collective Block party, which takes place on Troutman Street at St. Nicholas Avenue.
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!