Brooklyn, NY – Progress Capital’s Brad Domenico arranged a $2,000,000 construction to permanent mortgage loan with 24-months interest-only for a valued client to acquire the existing property at 1672 Dean Street in Brooklyn. The 24 months interest-only will be at a floating rate of WSJP + .50%.
Upon acquisition, the borrower intends to demolish the existing structure and construct a 5-story 8-unit multifamily building. Upon stabilization the borrower has the option to convert to a 5 year permanent based on a 25 year amortization.
Progress Capital’s 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