PROGRESS CAPITAL | Brooklyn, NY – $1,400,000
18466
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Brooklyn, NY – $1,400,000

Category
Multi-Family, Retail
About This Project

$1,400,000 Non-Recourse Secured for Mixed-Use Building in Brooklyn, NY

 

Brooklyn, NY – Brad Domenico, Managing Partner of Progress Capital arranged a $1,400,000 acquisition loan, representing a 60% LTV, for the mixed-use property located at 236 Malcolm X Blvd. in Brooklyn, NY.

 

The four-story mixed-building is a turnkey-rustic building comprised of four (4) apartment units and one (1) retail unit consisting of approximately 4,320 SF. It was fully renovated in 2017. The property is ideally located in the Stuyvesant Heights section of Bedford‐Stuyvesant, Brooklyn surrounded by a variety of restaurants, retail stores, boutiques, supermarkets and more. Culturally diverse and abundant in history. “Bed Stuy” is one of Brooklyn’s most famous neighborhoods. In the last few years, it has seen an influx of stores, restaurants, and bars, which mix with the many historic buildings and homes throughout the

neighborhood to create a beautiful and vibrant community.

 

Brad, along with Metropolitan Bank, negotiated the following key terms:

  • 4.5% Fixed for 5 Years
  • 30 Year Amortization
  • 20 Year Term
  • Non-Recourse

 

Progress Capital is a leading Commercial Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners, operators and developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and directly funded over $150 Million.

 

We Get You to the Closing Table… Plain and Simple. – #thatsPROGRESS