Queens, NY – Working on behalf of Duke Properties, Brad Domenico of Progress Capital, negotiated $2,050,000 in the refinance of two Queens multifamily properties. The subject properties are located at 1823 and 1825 Cornelia Street in the Ridgewood section of Queens. The identical buildings are each three story walk-ups including (6) 3-bedroom apartments totaling 4,758 SF.
Domenico arranged the $2.05 Million non-recourse permanent mortgage with a 5 year term and 30 year amortization. The loan is accompanied by a 5-year fixed-rate at 4.25% and represents a 70% LTV. The borrower may prepay the loan at anytime adhering to a 5,4,3,2,1 declining schedule. The proceeds of the loan will be used to retire the existing debt on the property while providing over $500,000 cash out to the borrower to fuel continued real estate acquisitions.
Progress Capital is a Commercial Real Estate Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners and developers of mixed-use, multifamily, construction, industrial, retail, office and commercial storage properties. With an unrivaled network of lending partners and capital market relationships we have arranged over $40 Billion in Transactions and Direct Funded $150 Million. We get you to the closing table – plain and simple. #thatsPROGRESS