Progress Capital Advisors | The Funding Source was tasked with arranging an $11 Million construction to permanent loan in order to renovate a decaying Sandy damaged 52,000 SF mixed use building in Coney Island, NY. The renovation provides a clean and renewed welcoming space for HRA (Human Resources Administration – City of NY) offering much needed support for area residents. The building was also expanded and now includes a 9,400 SF Dollar Tree and a 15,000 SF Blink Fitness, improving the overall neighborhood.
Build it and they will come…
The renovation loan was a LIBOR floating rate loan which recently converted to a permanent at 4.25% for 10 years on a 25 year amortization. “It was a complicated loan structure that involved three separate credit facilities that were consolidated at the permanent,” said Kathy Anderson. “Without Kathy Anderson working with me throughout the entire three year process, I might not have reached the finish line,” said Steve Samuels, owner.
Progress Capital Advisors’ loan programs include Construction, Fixed Rate Loans and Specialty Financing, as well as Directly Funded Bridge Loans. With over $40 Billion in closed loans and $100 Million in direct lending, we will get you to the closing…plain and simple…#thatsPROGRESS