Long Island City, NY – Kathy Anderson, President of Progress Capital Advisors arranged construction and permanent financing for a valued client to complete a 12-story building with 23,000 SF of medical office space, 1,355 self-storage units and accompanying parking garage. Anderson secured a 24-month interest-only loan of $15,855,000 for the construction of the property with a floating rate of Prime + .50% with a floor of 5.25%. The construction period included one 12-month extension option.
Upon completion of the building, $17,000,000 was arranged to exit the interest-only construction loan period after 24 months convert to a permanent mortgage with the following terms:
Progress Capital Advisors 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 $150 Million in bridge and direct lending, we will get you to the closing table … plain and simple… #thatsPROGRESS