PROGRESS CAPITAL | Brooklyn, NY – $2,670,000
15666
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Brooklyn, NY – $2,670,000

Category
Direct Funded, Multi-Family
About This Project

 

$2,670,000 for Acquisition of Three Multi-Family Assets

 
Brooklyn, NYDuke Properties, a leading New York real estate investment firm, approached Brad Domenico to secure financing to acquire three Brooklyn multi-family properties adding to an already robust portfolio.
 
$1,170,000 was arranged for acquisition of a 3-story walk up apartment building with 6 residential units in the Clinton Hill neighborhood of Brooklyn, NY.  The building is rent stabilized with one vacant unit the borrower will update at their own cost.  This loan represents a 75% LTV with the following terms:
 
4.35% Rate Fixed for 3 Years
• 3 Year Term
• 30 Year Amortization
• Declining Pre-Pay
 
An additional $1,000,000 funded the acquisition of another Brooklyn multi-family asset in Bedford-Stuyvesant.  The subject property is a 4-story walk up building with 7 occupied units and 2 vacant apartments.  Duke Properties plans a full gut renovation of the building, starting immediately with the two vacant units, repositioning all of the units for premium market rates.
 
The borrower requested financing for only 26% of the total acquisition and development costs – allowing Progress Capital Advisors to secure an interest only acquisition/reserve loan with the following additional terms:
 
12 Months Interest Only
• 4.5% Fixed
• No Prepayment Penalty
 
Progress Capital Advisor’s direct lending division, Progress Direct, funded an additional $600,000 bridge loan secured by a multi-family asset in the Bushwick neighborhood of Brooklyn.  Proceeds of the loan will be used to fund the tenant relocation fees and renovation of the 3-story walk-up building compromised of 6 units.  The terms of the Progress Direct bridge loan include:
 
Interest Only
• 6 Month Term
• No Prepayment Penalty

 

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 get you to the closing table…plain and simple.  #thatsPROGRESS
 
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