PROGRESS CAPITAL | Brooklyn, NY – $2,900,000
18085
portfolio_page-template-default,single,single-portfolio_page,postid-18085,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 – $2,900,000

Category
Construction, Multi-Family
About This Project

$2.9 Million Funds Construction of New Brooklyn Multifamily Building

 
Brooklyn, NY – $2.9 Million was secured for a client of Partner, Brad Domenico, to acquire and subsequently fund demolition and new construction of a 4-story multifamily building along Brighton 4th Street in the Brighton Beach neighborhood of Brooklyn. The new building will include (13) 1-bedroom luxury apartments upon stabilization.
 
Domenico negotiated the $2,900,000 loan, representing a 70% LTC with a 42-month with a 30-year amortization. The loan is accompanied by an 18-month interest-only construction period at a fixed-rate of 5.25%. The borrower has one optional 6-month extension option on the interest-only construction period.
 
Progress Capital is a leading Commercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners and residential developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and deployed over $150 Million through their direct lending platform.
 
We Get You to the Closing Table – Plain and Simple – #thatsPROGRESS.
 


CONTINUED READING:


 
View Press Release
 
$86 Million Secured for Construction of UES Community Center
 
$26,250,000 Negotiated for Construction of Multifamily Building at Former Fairmount Hospital in Jersey City
 
$15,000,000 Line of Credit Arranged for NJ Multifamily Acquisitions
 
$2,300,000 Funded by Progress Direct for Acquisition of Vacant Jersey City Gas Station
 
$36 Million Negotiated in Refinance of Two NY Storage Fox Facilities
 
consultheader