$3.46 Million Secured with 2 Years Interest-Only for Bed-Stuy Multifamily Building

Brad Domenico of Progress Capital Negotiated an 80% Loan to Purchase Price for a Valued Client to Acquire the Subject Property.
662 Madison Street Bed Stuy Brooklyn
662 Madison Street Bed Stuy Brooklyn
BROOKLYN, N.Y. - April 24, 2018 - PRLog -- Progress Capital Partner, Brad Domenico negotiated a $3,460,000 Permanent Mortgage for NY based, Oved Group, to acquire the multifamily property at 662 Madison Street in the Bedford-Stuyvesant neighborhood of Brooklyn. The subject property is a 10,160 SF 4-story pre-war building divided into 8 residential units. The multifamily building was fully occupied at the time of acquisition.

With contract sale price of $4.31 Million, this loan represents an 80% loan to purchase price. The loan is accompanied by a 24 month interest-only period with a 7 year fixed rate of 3.85%. The non-recourse loan carries with it a 20 year term based on a 30 year amortization.

Progress Capital 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 Recently Closed Transactions at:

Matt Sadler
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Email:***@progresscapital.com Email Verified
Tags:Multifamily, Bedford Stuyvesant, Non Recourse
Industry:Real Estate
Location:Brooklyn - New York - United States
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Page Updated Last on: Apr 24, 2018
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