A highly experience multi-family developer identified a distressed and vacant warehouse in a growing neighborhood of West New York, NJ. The subject property was surrounded by a newly developed multi-family mid-rise, which the Developer felt would only enhance the value of his project. After much planning, the Developer finalized his plans to construct a 5-story, 20-unit luxury residential building. The next step was to solidify his construction financing and like many times before, he called Progress Capital Advisors.
Brad Domenico understood his client’s business plan and secured the following financing:
After the construction period, the Borrower can lock in a 5-year fixed rate at the FHLBNY plus 200 with a 3.75% floor and an additional 5 year reset for a total term of 10 years based on a 30-year amortization. Brad and his team managed the entire financing process and were able to facilitate and deliver a timely closing for the borrower.
Progress Capital’s 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.