$7 Million Arranged with 1 Year Interest-Only for Richmond Hill Mixed-Use Building

QUEENS, N.Y. - Feb. 1, 2018 - PRLog -- A valued client approached Brad Domenico of Progress Capital to refinance the existing debt on their mixed-use asset located at 115-02 Jamaica Avenue in the Richmond Hill section of Queens. The mixed-use property is a 38,000 SF fully occupied 3-story brick retail/office building occupied by 'Wavecrest Management Team' on the third floor, national gym brand 'Crunch Fitness' on the second level with national retailer 'Dollar Tree' occupying the prime street-level location.

Each tenant is currently subject to a lease agreement with 10+ years remaining on initial terms. Domenico negotiated a $7,000,000 non-recourse permanent mortgage loan representing a 60% loan to property value with 1 year of interest-only at 4.25%. The loan is subject to a 7 year term with a 5 year extension option, a fixed rate of 4.25%, 30 year amortization and a 5-5-4-4-3-1-1 Prepayment Schedule.

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 (http://www.progresscapitaladvisors.com/closed-loans) and $100 Million in bridge and direct lending (https://progresscapitaladvisors.com/pcanew2-2/), we will get you to the closing table … plain and simple. #thatsPROGRESS (https://www.instagram.com/progress.capital)