PROGRESS CAPITAL | Brooklyn, NY – $3,100,000
18521
portfolio_page-template-default,single,single-portfolio_page,postid-18521,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 – $3,100,000

Category
Multi-Family
About This Project

$3.1 Million Secured for Refinance of Brooklyn, NY Multifamily Property

 

Brooklyn, NY – Brad Domenico, Managing Partner at Progress Capital, negotiated $3,100,000 for refinance of a multifamily property located at 54 Cumberland Street in Brooklyn, NY.

 

The multifamily building consists of a 4-story walk-up containing 8 residential units. 54 Cumberland Street encompasses 5,940 square feet of gross building area and is situated on a 1,566 square foot parcel in an R6 zone. It is located in the Fort Greene neighborhood of Brooklyn. Downtown Brooklyn is one of the fastest-growing submarkets in the New York metro and a new, wealthy demographic has driven demand for the high-end product overtaking this submarket.

 

Brad negotiated the following key terms with Metropolitan Bank;

  • 85% Fixed for 5 Years
  • 30 Year Amortization
  • 60% LTV

 

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 directly funded over $150 Million.