PROGRESS CAPITAL | Brooklyn, NY – $2,500,000
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Brooklyn, NY – $2,500,000

About This Project

$2.5 Million with 3 Years Interest-Only Secured for Acquisition of Brooklyn Multifamily Building

Brooklyn, NY – Progress Capital’s Brad Domenico negotiated $2,500,000 for a valued client to acquire the apartment building at 235 Himrod Street in the Bushwick Section of Brooklyn. The property is a four-story walk-up building comprised of 5 recently gut renovated residential units divided between (1) six-bedroom, (2) three-bedroom and (2) four-bedroom duplex apartments. At a sale/purchase price of $3,100,000 this loan represents an 80% loan to value, fixed for 10 years at 4.34% with the first 36-months of the term interest-only.
Additional Terms of This Loan Include:

  • 4.34% Fixed for 10 Years
  • 36 Months Interest-Only
  • 10 Year Term – 30 Year Amortization
  • Non-Recourse with Standard Carve-Outs
  • 5-5-4-4-3-3-2-2-1-1 Declining Prepay
  • No Prepayment Penalty Last Three Months of Term

Progress Capital Advisors 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



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