Three Week Closing: $4.5 Million Land Loan for 9.7 Acre Waterfront Development Project
The borrowing entity was interested in pursuing a 9.7 acre waterfront development opportunity in Newburgh, NY. Orange County has seen a large increase in its population over the past 10 years and Newburgh is the city most poised to capitalize on this growth. Given the site’s location on the Hudson River and the existence of the Newburgh – Beacon Ferry, which is on the development site, commuters should see this as the next up and coming suburban location with easy access to New York City.
On a very tight timeline, the borrower reached out to Brad Domenico at Progress Capital to help him secure the land loan. Brad used his strong network of lending partners to successfully arrange the $4.5 million 12-month interest only land loan in only three weeks. With Progress Capital’s swift execution of the transaction, their client was able to win the deal. The borrower’s exit strategy will be to secure construction financing in order to retire the existing debt and develop the waterfront property.
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