Progress Capital | The Funding Source Brad Domenico, VP at Progress Capital Advisors, arranged an extremely attractive interest only loan for a four story brownstone in New City’s prestigious Upper West Side. The 6,500 square foot pre-war building is an outstanding investment, purchased to resell as either a single family mansion or income producing property. Currently the property is listed with Douglas Elliman Real Estate for $6,800,000, which is well under the current $2,150 average square foot rate for the neighborhood according to a recent New York Times article. The property is located on the same block as the Trinity School, one of the foremost private schools in Manhattan.
Brad and the team at Progress Capital arranged the loan with M&T Bank, for an 18 month initial fixed rate period, tied to LIBOR, interest only.