Richmond Hill, Queens, NY – A valued client approached Brad Domenico of Progress Capital to refinance the existing debt on their mixed-use asset located at 115-02 Jamaica Avenue in the Richmond Hill section of Queens. The mixed-use property is a 38,000 SF fully occupied 3-story brick retail/office building occupied by ‘Wavecrest Management Team’ on the third floor, national gym brand ‘Crunch Fitness’ on the second level with national retailer ‘Dollar Tree’ occupying the prime street-level location.
Each tenant is currently subject to a lease agreement with 10+ years remaining on initial terms. Domenico negotiated a $7,000,000 non-recourse permanent mortgage loan representing a 60% loan to property value with 1 year of interest-only at 4.25%
Key terms of this loan include:
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