$6,980,000 Arranged for the Refinance of Renovated W. New York NJ Multifamily Assets
Brad Domenico of Progress Capital Advisors Secured Financing with 12 Months Interest Only.
The borrower intends to utilize the proceeds of the loan to retire existing debt on property and recapture equity to fuel continued expansion of their commercial real estate portfolio.
Domenico arranged a 12-month interest only period to allow the borrower time to fully lease all units before entering into a permanent 20 year term. Terms of the permanent loan include a rate of 3.9% fixed for 5 years with a 20 year term and 30 year amortization. The Borrower will have a 3-1-0-0-0 prepay schedule with no prepay penalty thereafter. In addition, this loan represents a 75% loan to value.
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. #thatsPROGRESS