Progress Capital Secures Acquisition Financing of Brooklyn Pre-War Brownstone
Brad Domenico and Frank Stanislaski of Progress Capital secured a $1,432,500 Acquisition Loan for Mark Guindi of GD Capital to purchase a multifamily property located at 443 Hancock Street, Brooklyn, NY.
The economic impact of the COVID-19 pandemic spells bad news for most commercial mortgage borrowers. However, with Brad tending the entire loan process and working closely with all parties involved, he was able to obtain the financing his client needed and close with favorable terms.
Brad and Frank worked with Valley National Bank to negotiate loan terms on behalf of GD Capital, and were able to secure a 30-year loan at a 75% loan to purchase price.
443 Hancock Street was built in 1910 and is graced with grand proportions with over 6,100 SF of living space. The four-story townhouse is nestled in the Stuyvesant Heights section of Bedford-Stuyvesant, surrounded by the classic serenity of Brownstone Brooklyn, a myriad of community gardens, and the energy of a culturally diverse community with superb dining, craft cocktail joints, homemade marketplaces, and destination hangouts. Easy access to Interstate 278 and nearby public transportation provides residents with an easy commute to downtown Brooklyn and Manhattan.
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, Progress continues to provide value to clients by securing the best financing options available in the market. We get you to the closing table…Plain and Simple.