$2.5 Million with 3 Years Interest-Only Secured for Acquisition of Brooklyn Multifamily Building

BROOKLYN, N.Y. - Dec. 28, 2017 - PRLog -- Progress Capital's Brad Domenico negotiated $2,500,000 for a valued client to acquire the apartment building at 235 Himrod Street in the Bushwick Section of Brooklyn. The property is a four story walk-up building comprised of 5 recently gut renovated residential units divided between (1) six-bedroom, (2) three-bedroom and (2) four-bedroom duplex apartments. At a sale/purchase price of $3,100,000 this loan represents an 80% loan to value with the initial 36-months of the term being interest-only at a 4.34% fixed for 10 years.

The borrower will adhere to a 5-5-4-4-3-3-2-2-1-1 declining prepay schedule with no prepayment penalty within the last three months of the term. In addition this loan will be non-recourse with standard carve-outs over a 10 year term based on 30 year amortization.

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

Learn more about this and other deals negotiated by Progress Capital Advisors at http://www.progresscapitaladvisors.com.