Philadelphia, PA – Brad Domenico arranged a $7,350,000 SBA loan for a valued client to acquire a 5-story multifamily property located at 319 W. Chelten Ave in Philadelphia. PA.
The elevator building known as Delmar Morris Apartments contains 62 residential units and is ideally located adjacent to the Chelten Ave. R8 train and close to both the Schuylkill Expressway and Route 1. The building underwent a complete gut renovation in 2011 thus making it even more valuable.
The loan represents 70% LTV. Brad was able to work with trusted lender Red Capital Markets to negotiate 4.43% fixed for 7 years with 3 Years Interest-Only, 30 Year Amortization and a 20 Year Term.
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 will get you to the closing table … plain and simple – #thatsPROGRESS