PROGRESS CAPITAL | Brooklyn, NY – $2,100,000
portfolio_page-template-default,single,single-portfolio_page,postid-17550,ajax_fade,page_not_loaded,,qode-child-theme-ver-1.0.0,qode-theme-ver-2.7,wpb-js-composer js-comp-ver-5.4.7,vc_responsive

Brooklyn, NY – $2,100,000

Construction, Multi-Family
About This Project

$2.1 Million with 24 Months I/O Secured for Acquisition of Vacant Brooklyn Multifamily Building

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.

We get you to the closing table – plain and simple – #thatsPROGRESS



$86,000,000 Secured for New Construction at 330 East 62nd Street in NYC
$15 Million Line of Credit Arranged for NJ 1-4 Family Acquisitions
$9 Million Secured for Long Branch Transit Village Multifamily Construction
75% LTV on Newark Multifamily Asset
$8.25 Million Negotiated for Acquisition and Renovation of Grand Concourse Retail Building in Brooklyn