Bronx, NY – Representing MADDD Equities, Brad Domenico, Partner at Progress Capital, negotiated a $4,157,000 construction to permanent loan for the development of three attached 4-story mixed-use buildings located at 139-141 Alexander Avenue in the Mott Haven section of South Bronx. Each of the three buildings will include 7 luxury residential units and one single ground level retail space.
Domenico arranged the loan with an initial 18-month interest-only period during construction. After the interest-only period the loan converts to a 7-Year permanent mortgage based on a 30 year amortization.
Progress Capital Advisors is a leading Commercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners and residential developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and deployed over $150 Million through their direct lending platform.