PROGRESS CAPITAL | Bronx, NY – $8,250,000
portfolio_page-template-default,single,single-portfolio_page,postid-16876,ajax_fade,page_not_loaded,,qode-child-theme-ver-1.0.0,qode-theme-ver-2.7,wpb-js-composer js-comp-ver-5.4.7,vc_responsive

Bronx, NY – $8,250,000

Construction, Retail
About This Project

Progress Capital Arranges $8,250,000 to Refinance the Historic Bronx Former Apple Bank Building


Bronx, NY – The former Apple Bank Building at 2526 Grand Concourse in the Bronx is slated to undergo renovations to the street level and basement retail spaces that currently sit mostly vacant with the exception of a Dunkin Donuts currently leasing one of four retail units. The landlord, Maddd Equities, relied on Brad Domenico to find the right lender to fund renovations, modernizing the property with the intent to attract national retail tenants seeking a uniquely large space in Bronx’s main shopping district along Grand Concourse.


Domenico was able to negotiate an $8,250,000 loan with 24-month interest-only, retiring the existing debt on the property and providing sufficient capital to complete approved renovations. The 24-month interest-only period is accompanied by a floating rate at 1-month LIBOR + 3.50% with a floor of 4.75%. After the interest-only period, the loan will convert to a permanent mortgage with a 10 year term and 25 year amortization. Upon transition from the interest-only period the borrower will have three rate options with varied prepayment terms that will be decided at then current market rates.


Progress Capital Advisors loan programs include Fixed Rate Loans, Construction and Specialty Financing as well as Directly Funded Bridge Loans. With over $40 Billion in closed loans and $100 Million in bridge and direct lending, we will get you to the closing table … plain and simple… #thatsPROGRESS


View Press Release

View Story on Real Estate Business Online

$17,000,000 Land and Development Sale of Bogota’s Proposed River Club Multifamily Waterfront Development

Kathy Anderson Secures $5,900,000 with 24-Months Interest-Only for Middletown Shopping Plaza Leasehold

Refinance of Hoboken Mixed-Use Asset Nets $1.285 Million Cash-Out to Borrower

$2.5 Million Refinance of Elizabeth Mixed-Use Building Nets $2,100,000 Cash-Out to Borrower

Brad Domenico Negotiates 3.75% on $2.04 Million with 5 Years I/O for NJ Multifamily Acquisition

$2.5 Million to Acquire Brooklyn Multifamily Asset