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.