Brooklyn, NY – Brad Domenico arranged a $2,619,000 construction loan for a recently renovated multifamily property located at 854 Hancock Street in Brooklyn, NY.
The three-story walk up apartment building contains 4 residential units consisting of 6,886 SF rentable area. The property will be delivered vacant and converted into a co-living space. The renovation will see the 4 residential units become 8 units consisting of 2 four-bedroom duplex units, 4 three-bedroom units and 2 two-bedroom units.
Co-living spaces are becoming a trend embraced by a younger generation who enjoy living close to cities, travel frequently and need not to worry about a mortgage. What sounds like a great concept is actually a unique one when trying to secure financing. Not all banks are comfortable with this model and thus reluctant to provide their services.
The property, situated in the heart of Bedford-Stuyvesant neighborhood, benefits from its ideal location in walking distance to all the amenities of new bars, restaurants, cafes, artisan shops, boutiques, and much more.
In the end, Brad was able to work with a balance sheet lender that was comfortable with the business plan and model. After negotiating, they provided 75% of the acquisition and renovation financing. These terms allowed our client to execute his business plan of creating a co-living space.
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.