Taking Multi-Family Housing to New Heights in Brooklyn
The borough has seen a number of new luxury residential rental and condo developments over the last few years. Neighborhoods like Bedford Stuyvesant, Sunset Park, Brownsville, Bushwick, and Crown Heights are no longer secondary markets; they are now looked at as areas of growth opportunity. Eager to get in on the ground floor in Crown Heights, Duke properties had their sight set on a prewar five-story multi-family building with 21 rent stabilized tenants.
They engaged Brad Domenico of Progress Capital to source their financing.
Additional Key Terms of this Loan include:
- Loan Amount: $5,300,000
- Term: 3 years I/O with 2 years amortizing at 3.75%
- Amortization: I/O years 1 -3 and 30 yr years 4 – 5
- Rate Resets: 2 – Five Year
- Business Plan: Relocate tenants and renovate units to achieve market rents
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