Brooklyn, NY – David Cappello negotiated $1,200,000 for a valued client to refinance the multifamily building located at 296 Linden Street in the Bushwick section of Brooklyn. The subject property is a 2,850 SF 3-story walk-up building with 3 luxury residential units. All units are currently occupied and subject to annual term leases.
Cappello secured 4.88% fixed for 5-years on a 15-year term with a 25-year amortization. This loan represents a 75% loan to value and maybe prepaid at any time during the term without penalty. The proceeds of the loan will be used to retire existing debt on the property and recapture $200,000 in vested equity that will be reinvested in the borrowers growing commercial 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.
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