Real Estate Weekly: Family Finances Luxury Construction with $30M Loan
Brad Domenico, managing director, led the Progress Capital team in arranging a $30 million construction loan for the development of 128 luxury apartments in Teaneck, NJ.
Terms included 24 months interest only with a six month extension at LIBOR + 350 bps; 25% Limited Recourse and 80% LTC.
The Family Office, a long-term client of Progress Capital, is constructing a seven-story apartment building with a two-story garage. The 128 residential units will range from one-to three-bedroom with den and balcony. The partially covered garage will hold 256 spaces.
“More and more, Progress Capital is becoming the financial arm of our clients,” Domenico said. “We treat each of their deals as if it is our investment, providing a thorough financial analysis to ensure profitability and portfolio growth.”
Progress Capital Advisors’ loan programs include Construction, Fixed Rate Loans and Specialty Financing, as well as Directly Funded Bridge Loans.