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:
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