Brooklyn, NY – Abe Mann, Vice President at Progress Capital secured $1,855,000 for a client to refinance the multifamily building at 1898 Pacific Street in Brooklyn, NY. The subject property is a 3-story walk-up building with 12 residential units, located in the desirable Crown Heights neighborhood of Brooklyn.
Mann negotiated the amount and terms of the loan securing an 80% LTV. The non-recourse loan is accompanied by a 5-year fixed-rate at a low 3.74% with a 20-year term amortized over 30-years.
“I really appreciated working with Abe and his team. Progress Capital is the cream of the crop of the mortgage industry,” mentioned the borrower
The proceeds of the loan will be used to retire existing debt and cash-out over $1,000,000 in vested equity to be used to fuel continued expansion of the borrower’s commercial real estate portfolio.
Progress Capital is a leading Commercial Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners, operators and developers. Since 1990, Progress has secured loans in excess of $40 Billion and directly funded over $100 Million. With 25 years of industry leading experience, Progress Capital has an unrivaled network of lending partners and capital market relationships allowing us to provide you with flexible custom financing solutions.
We get you to the closing table – plain and simple – #thatsPROGRESS