$4,157,000 Secured for New Construction of Three Multifamily / Mixed-Use Buildings in the Bronx

Brad Domenico Negotiated the Amount and Terms of the Construction to Permanent Loan with Sterling National Bank on Behalf of Maddd Equities.
Alexander Avenue Brooklyn NY
Alexander Avenue Brooklyn NY
BROOKLYN, N.Y. - Sept. 4, 2018 - PRLog -- Representing MADDD Equities, Brad Domenico, Partner at Progress Capital, negotiated a $4,157,000 construction to permanent loan for the development of three attached 4-story mixed-use buildings located at 139-141 Alexander Avenue in the Mott Haven section of South Bronx. Each of the three buildings will include 7 luxury residential units and one single ground level retail space.

Domenico arranged the loan with an initial 18-month interest-only period during construction. After the interest-only period the loan converts to a 7-Year permanent mortgage based on a 30 year amortization.

Progress Capital is a leading Commercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners and residential developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and deployed over $150 Million through their direct lending platform.

Interested in learning more about this and other recent transactions from the Progress Team? Visit Us Online at http://www.progresscapital.com

Matt Sadler
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Tags:Brooklyn, New Construction, Multifamily
Industry:Real Estate
Location:Brooklyn - New York - United States
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