PROGRESS CAPITAL | Philadelphia, PA – $5,200,000
18462
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Philadelphia, PA – $5,200,000

Category
Multi-Family, Retail
About This Project

$5.2 Million Acquisition Enhances Client Portfolio in Philadelphia Area

 

Philadelphia, PA – Brad Domenico secured a $5,200,000 loan for a valued client to acquire a mixed-use loft apartment building in Philadelphia, PA.

 

The building known as the Keystone Lofts is located at the corner of Keystone Street and Cottman Avenue in the Tacony neighborhood of Philadelphia. The property contains 56 residential units, one commercial space and encompasses an above grade area of 89,575 SF. The two-story building boasts 30-foot ceilings, sweeping views, and distinguished hardwood floors that provide contemporary living with a provocative, character-filled warehouse setting.

 

Brad worked with Red Capital to negotiate the following key terms which includes 5 Years of Interest Only:

 

  • 4.75% Fixed for 5 years
  • Interest Only – 5 Years
  • 20 Year Term
  • 30 Year Amortization after I/O Period
  • 3-1-0-0-0 Prepay
  • Non-Recourse

 

Progress Capital is a leading Commercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners 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.