PROGRESS CAPITAL | Brooklyn, NY – $3,460,000
17131
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Brooklyn, NY – $3,460,000

Category
Multi-Family
About This Project

$3,460,000 Negotiated With 2 Years Interest-Only For Bed-Stuy Multifamily Building

 
Brooklyn, NY – Progress Capital Partner, Brad Domenico negotiated a $3,460,000 Permanent Mortgage for NY based, Oved Group, to acquire the multifamily property at 662 Madison Street in the Bedford-Stuyvesant neighborhood of Brooklyn. The subject property is a 10,160 SF 4-story pre-war building divided into 8 residential units and fully occupied at the time of acquisition.
 
Acquired at $4.31 Million, this loan represents an 80% loan to purchase price and is accompanied by a 24 month interest-only period at a 7 year fixed rate of 3.85%.
 
Additional Key Terms of This Loan Include:
 

  • 3.85% Fixed for 7 Years
  • 24 Months I/O
  • Non-Recourse
  • 20 Year Term
  • 30 Year Amortization

 
Progress Capital loan programs include Fixed Rate Loans, Construction and Specialty Financing as well as Directly Funded Bridge Loans. With over $40 Billion in closed loans and $100 Million in bridge and direct lending, we will get you to the closing table … plain and simple. #thatsPROGRESS
 


CONTINUED READING:


 
View Press Release
 
View on Real Estate Business Online
 
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