Brad Domenico, Managing Director, led the Progress Capital team in arranging a $30 million construction loan. Terms included 24 months interest only with a 6 month extension at LIBOR + 350; 25% Limited Recourse and 80% LTC.
The borrower, a long term client of Progress Capital is constructing a 7-story apartment building with a 2-story garage at 1475 Palisade Avenue in Teaneck, NJ comprised of 128 residential units, ranging from 1-bedroom to 3-bedroom with den and balcony. The partially covered garage will hold 256 spaces. The beautifully appointed building with open lobby and high end finishes in each living space is perfectly placed in Teaneck with 90% of the workforce employed as professionals.
“More and more, Progress Capital is becoming the financial arm of our clients“, Domenico said. “We treat each of their deals as if it is our investment, providing a thorough financial analysis to ensure profitability and portfolio growth.”
Previously with Neuberger Berman, Brad’s financial background allows him to suggest the best financing structure which often includes senior debt, mezzanine and JV equity. Brad is well versed in both permanent and construction financing and has helped his clients maximize leveraged borrowing.
Progress Capital Advisors’ loan programs include Construction, Fixed Rate Loans and Specialty Financing, as well as Directly Funded Bridge Loans. With over $40 Billion in closed loans and $100 Million in direct lending, we will get you to the closing…plain and simple…#thatsPROGRESS