The Bronx, NY
Progress Capital arranged this Non-Recourse loan secured by a 22 residential apartment building in The Bronx. The sellers requested a modified prepayment penalty in the event of a sale and progress was able to arrange a prepayment of 3%-2%-1% in first 3 years with no penalty thereafter. As well as secure a waiver of the prepayment penalty during the first 3 years in the event of a 3rd party sale. The loan is for a term of 15 years with a 30 year amortization.
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