PROGRESS CAPITAL | The Bronx, NY – $1,750,000
13491
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The Bronx, NY – $1,750,000

Category
Multi-Family
About This Project

The Bronx, NY

Progress Capital arranged this Non-Recourse loan secured by a 22 residential apartment building in The Bronx.  The sellers requested a modified prepayment penalty in the event of a sale and progress was able to arrange a prepayment of 3%-2%-1%  in first 3 years with no penalty thereafter.  As well as secure a waiver of the prepayment penalty during the first 3 years  in the event of a 3rd party sale.  The loan is for a term of 15 years  with a 30 year amortization.