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;
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.