Franklin, Ohio – Partner at Progress Capital, Brad Domenico, arranged an $11,000,000 commercial mortgage for the refinance of the Waterford Pointe Apartments in Franklin, Ohio. The subject property includes 16 buildings with a total of 256 units plus 123 enclosed parking spaces. The property is 100% leased.
The non-recourse loan represents a 70% LTV accompanied by a 10-year term, 30-year amortization and declining prepay. The first two-years of the loan are interest-only. Domenico negotiated a low 4.65% interest-rate fixed for the loan term. The proceeds of the loan will be used by the borrower to complete some minor renovations to the property and cash-out a significant amount of equity that will be used to acquire additional multifamily assets throughout the Ohio area.
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 deployed over $150 Million through their direct lending platform.
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