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$3,190,000 Secured with 30 Months Interest-Only for New Construction of Blink Fitness Pad Site
Brad Domenico, Partner at Progress Capital, negotiated the terms of the loan on behalf of the borrower.
By: Progress Capital
Domenico negotiated a 30 month interest-only construction period with a floating rate of LIBOR + 400 bps. Upon occupancy of the new building, the loan will convert to a permanent mortgage and the rate will be reduced to LIBOR + 335 bps for the remainder of the 25 year term based on 25 year amortization. The loan carries no prepayment penalty and is non-recourse upon occupancy of the newly constructed pad site.
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 closed loans at: