Refinance of Newly Constructed Multifamily Building Nets $1,120,000 Cash-Out To Borrower

Brad Domenico of Progress Capital negotiated a $3,120,000 commercial real estate mortgage for a valued client to refinance the building located at 404-414 50th Street in West New York. The subject property is a 5-story multifamily property that includes 13 luxury one-bedroom units accompanied by 8 rentable ground-floor parking spaces, currently 100% occupied.

The proceeds of the loan will be used by the borrower to repay a $2,000,000 construction loan and recapture $1,120,000 in equity to fund future portfolio acquisitions. Newly stabilized, the appraised value of the property is $4.2 Million, making this loan a 75% loan to value and accompanied by the following terms:

• 3.99% Fixed for 5 Years
• Libor Floating thereafter
• 3-1-0 Prepay
• 20 Year Term
• 30 Year Amortization
• Non-Recourse

Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress