Abe Mann secured $8,700,000 to refinance a package of two luxury townhome properties located in New York City.
123 East 61st Street is an 8,500 SF property located on the Upper East Side of Manhattan. The subject property was in need of construction proceeds for hard and soft costs. Once completed, the property will be for sale as a 6-bedroom luxury townhome with amenities such as an elevator, rooftop deck, movie theater and wine cellar.
215 Clinton Avenue is a 6,000 SF newly renovated luxury townhome in the desirable neighborhood of Clinton Hill, Brooklyn. The loan was maturing and the owner needed replacement financing.
Mann structured the amount and terms which include a 2 year interest only period at a competitive floating rate above Prime. He was able to close the loan without an interest reserve requirement within 4 days of term sheet signing.
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 secured in excess of $40 Billion in commercial loans and directly funded over $150 Million through their Direct Lending platform.
We get you to the closing table – plain and simple – #thatsPROGRESS