PROGRESS CAPITAL | Brooklyn, NY – $2,200,000
18866
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Brooklyn, NY – $2,200,000

Category
Multi-Family, Retail
About This Project

$2.2 Million Refinance Secured for Brooklyn, NY Mixed-Use Property

 

Brooklyn, NY– Brad Domenico arranged $2,200,000 to refinance a recently renovated mixed-use property located at 271 Malcolm X Blvd in Brooklyn, NY.

 

The 4-story building is comprised of 7 apartment units and 2 retail units consisting of 6,240 SF. The residential unit mix is made up of seven 3- bedroom/1-bathroom units and consists of 3 rent stabilized tenants and 4 free market tenants. The (2) retail units are fully leased on 5 and 10-year lease terms with rent escalations. The renovations include feature upgraded kitchens with new updated appliances and high-end finishes, large bedrooms, and hardwood floors throughout.

 

The property is ideally located in the Stuyvesant Heights section of Bedford-Stuyvesant, which has become one of Brooklyn’s most famous neighborhoods. The property is surrounded by a variety of restaurants, retail stores, boutiques, supermarkets, pharmacies, and much more. It is also conveniently located in terms of public transportation with several bus stops just steps from the property, in addition to its close proximity to the subway stations including the A/C train at Utica Ave.

 

Brad worked with Red Capital Markets LLC to negotiate the following key terms:

 

  • 80% LTV
  • 4.42% Fixed for 5 Years
  • 30 Year Amortization
  • Non-Recourse

 

Progress Capital is a leading Commercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners and developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and directly funded over $150 Million.

 

We Get You to the Closing Table… Plain and Simple