CROWN HEIGHTS – BROOKLYN, NY – The borough has seen a number of new luxury residential rental and condo developments over the last few years. Neighborhoods like Bedford Stuyvesant, Sunset Park, Brownsville, Bushwick, and Crown Heights are no longer secondary markets; they are now looked at as areas of growth opportunity. Eager to get in on the ground floor in Crown Heights, Duke properties had their sight set on a prewar five-story multi-family building with 21 rent stabilized tenants.
They engaged Brad Domenico of Progress Capital Advisors to source their financing.
Additional Key Terms of this Loan include:
• Loan Amount: $5,300,000
• Term: 3 years I/O with 2 years amortizing at 3.75%
• Amortization: I/O years 1 -3 and 30 yr years 4 – 5
• Rate Resets: 2 – Five Year
• Business Plan: Relocate tenants and renovate units to achieve market rents
About Progress Capital Advisors
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