Brad Domenico, Managing Director at Progress Capital, led the team to close a $20 million, interest only, non-recourse land loan.
The funding allowed the client to retire existing debt, fund SRO tenant buy-outs and provide pre-development funds, clearing the way for a 14 story mixed use building in the highly desirable West Chelsea sub market. The loan closed in 3 weeks with highly favorable terms, including floating rate LIBOR for 12 months with a 6 month extension.
The developed structure will be the ultimate living space for admirers of art, design and contemporary architecture, featuring 13 private elevator condominiums, with floor to ceiling windows and protected western views overlooking the Hudson River and Manhattan.
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.