PROGRESS CAPITAL | Brooklyn, NY – $2,500,000
16666
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Brooklyn, NY – $2,500,000

Category
Multi-Family, Retail
About This Project

3.70% | $2.5 Million | Non-Recourse for Park Slope Mixed-Use Refinance

 
Brooklyn, NYAbe Mann, of Progress Capital Advisors arranged a $2.5 Million permanent mortgage for a valued client to refinance and recapture equity in a mixed-use asset in the Park Slope section of Brooklyn. The aforementioned property underwent a series of capital improvements through 2017 including new HVAC with the addition of central air, pipes, electrical, lighting fixtures, poly-coated floors, drywall, paint, decking and fencing. The property is a mixed-use building with ground level retail and 15 renovated market rate residential units. The ground level retail is currently subject to a long-term lease with Bank of America.
 
This loan allowed the Borrower to secure trapped equity to fuel the continued expansion of their commercial portfolio throughout New York City and the Five Boroughs.
 
Additional key terms of this loan include:
 

  • 3.70% Fixed for Five Years
  • Rate Reset at 2.25% above six month LIBOR with a cap
  • 30 Year Term
  • 30 Year Amortization
  • Non-Recourse
  • 5-4-3-2-1 Declining Prepay

 
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
 


CONTINUED READING:


 
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