Progress Capital Advisors arranged a $5,056,000 construction loan for a seven story mixed use building on Ocean Avenue in Sheepshead Bay, Brooklyn which will consist of 12 residential condos, 15 parking spaces and 4,500 SF of medical office on the ground floor.
Prior to contacting Progress Capital, the project had been stalled for over five years. “After meeting the borrower and visiting the site, I knew this was a development site that would become successful with the right financing structure,” said Brad Domenico. The final structure was based on 75% LTV with LIBOR pricing.
Located on the BMT Brighton train line, Sheepshead Bay has seen a resurgence of late with a variety of fine dining restaurants, new retail and numerous residential projects in the works.