PROGRESS CAPITAL | Brooklyn, NY – $30,000,000
17731
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Brooklyn, NY – $30,000,000

Category
Bridge Loan, Multi-Family, Retail, Self-Storage
About This Project

$30,000,000 Loan Completes Acquisition of Tillary Street Storage Facility to Make Way for Mixed-Use Construction

 
Brad Domenico, Partner at Progress Capital, Negotiated the Amount and Terms of the Loan with Jared Zimmel of Natixis.
 
Brooklyn, NY – A joint venture between Maddd Equities and Joy Construction recently acquired the ‘American Storage Facility,’ located at 202-208 Tillary Street – an L-shaped property with frontage on both Tillary and Prince Streets currently the site of a 115,000 SF American Self-Storage facility. To complete the acquisition Brad Domenico arranged a $30,000,000 18-month interest-only loan. The bridge loan allows Maddd Equities and Joy Construction a reasonable period of ownership to begin executing plans on a two-tower mixed-use development.
 
At the time of closing, the plans filed with the Department of City Planning include a 22-story 160,000 sf mixed-use tower with 178 residential units and a second 19-story 75,000 sf tower with an additional 84 residential units. The Towers will be in accordance with the city’s mandatory inclusionary housing policy, and 25 percent will be designated permanently affordable.
 
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
 
Read Article at The Real Deal
 
Read on Real Estate Business Online
 
Read Story on MultifamilyBiz.com
 
View Article at ABLadvisor.com
 
Read at Spoke.com
 
Read Story at New York Latino News
 
Additional Coverage At REBusinesOnline.com
 
$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
 
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