Ridgewood, Queens –Abe Mann arranged $3,400,000 to refinance a package of two multifamily properties located in Ridgewood, Queens. The properties total 18 units and were acquired in 2017 for $3,300,000. All units are rent stabilized and upon acquisition, the sponsors were successful in completing gut renovations to a majority of the units to increase their monthly rental income. The borrowers then approached Abe who secured the Cash-Out refinance with favorable terms via a regional Bank.
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress