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$8,250,000 Arranged for Refinance of Bronx Historic Former Apple Bank Building
Brad Domenico of Progress Capital negotiated the terms of the 24-month interest-only loan.
By: Progress Capital
Domenico was able to negotiate an $8,250,000 loan with 24-month interest-only, retiring the existing debt on the property and providing sufficient capital to complete approved renovations. The 24-month interest-only period is accompanied by a floating rate at 1-month LIBOR + 3.50% with a floor of 4.75%. After the interest-only period, the loan will convert to a permanent mortgage with a 10 year term and 25 year amortization. Upon transition from the interest-only period the borrower will have three rate options with varied prepayment terms that will be decided at then current market rates.
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
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