Bronx, NY – Brad Domenico, Partner at Progress Capital, negotiated a $6,500,000 permanent mortgage for a valued client to refinance the newly constructed mixed-use property at 131-135 Alexander Avenue in the Mott Haven section of the Bronx. The subject property consists of two recently stabilized newly constructed buildings with a combined total of 14 luxury residential units and 3 street-level commercial store-fronts. The proceeds of the loan will be used to retire existing construction debt on the property and recapture vested equity.
Domenico arranged a 7 year fixed-rate mortgage with (1) 3-year renewal option based on a 30 year amortization. This allowed the borrower to recapture over $2,000,000 in equity to fuel the continued expansion of their real estate portfolio in and around NYC. This loan represents 72% of the subject properties value.
Progress Capital is a Commercial Real Estate Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners and developers of mixed-use, multi-family, construction, industrial, retail, office and commercial storage properties. With an unrivaled network of lending partners and capital market relationships we have arranged over $40 Billion in Transactions and Directly Funded over $150 Million. We get you to the closing table – plain and simple. #thatsPROGRESS