PROGRESS CAPITAL | Long Island City, NY – $15,855,000
12921
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Long Island City, NY – $15,855,000

Category
Construction, Industrial, Office, Self-Storage
About This Project

Kathy Anderson Arranges Construction to Permanent Loan for Long Island City Medical Office and Self-Storage Building

 
Long Island City, NYKathy 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:
 

  • Prime + 2.75% with a floor of 4.875%
  • Rate fixed for 10 years
  • 25 Year Amortization
  • 10 Year Term
  • 55% Loan to Value at Completion/Stabilization

 
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 $100 Million in bridge and direct lending, we will get you to the closing table … plain and simple. #thatsPROGRESS