PROGRESS CAPITAL | Brooklyn, NY – $2,250,000
13490
portfolio_page-template-default,single,single-portfolio_page,postid-13490,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 – $2,250,000

Category
Multi-Family
About This Project

Brooklyn, NY

Progress Capital arranged this non-recourse permanent loan secured by a 20 unit apartment building.  The loan is for a term of 15 years based on a 30 year amortization with a very attractive prepayment penalty of 3%-2%-1% with no prepayment requirements after the third year.  This low prepayment penalty was important to the client to follow through on their business plan to turn-over and renovate apartments to increase value and a possible sale as an exit strategy after the 3 year period.