Brooklyn, NY – Working with Duke Properties, Brad Domenico arranged a $2,100,000 permanent mortgage to acquire the vacant multifamily building located at 54 Cumberland Street in Brooklyn, NY. The building is a 5,940 SF, four story, walk-up divided into 8 residential units, well located in the historic Fort Greene District of the city. The borrower intends to gut-renovate the existing units and modernize the building’s HVAC and common spaces before lease-up at current market rates.
Domenico negotiated the amount and terms of the loan with Valley National Bank, securing $2.1 Million with 24 months interest-only. The loan represents 71% of the subject property purchase price and 57% of the total project cost. The I/O period is accompanied by a 3 year fixed-rate of 4.88% on a 3 year term and 30 year amortization.
Progress Capital is a Commercial Real Estate Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners and developers of mixed-use, multi-family, construction, industrial, retail, office and commercial storage properties. With an unrivaled network of lending partners and capital market relationships we have arranged over $40 Billion in Transactions and Direct Funded over $150 Million.
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