New York, NY– In a rising interest rate environment, Abe Mann secures a low 4.17% interest-rate fixed for 7-years to refinance a mixed-use property located at 537 Lenox Avenue. Located in the Harlem neighborhood of Manhattan, this 3-story walk-up consists of 8 residential units and one ground level commercial tenant.
Mann negotiated a $4,170,000 permanent mortgage which allowed the client to retire the existing debt on the property and recapture a significant amount of vested equity. This will be used to fuel continued real estate acquisitions and add to an already robust portfolio. The non-recourse loan represents a 80% LTV and provides 2 years interest only with a 30-year amortization thereafter.
Progress Capital is a leading Commercial Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners, operators and developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and directly funded over $150 Million.