Real Estate Journal — Owners, Developers & Managers — October 30 - November 12, 2015 — 5B
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M id A tlantic
O wners , D evelopers &M anagers 3,600 s/f Upper East Side private condominium Progress Capital provides $8m bridge loan for UAE Prince
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EW YORK —Prog- ress Capital | The Funding Source was contacted by the Prince’s stateside trustee/advisor to arrange a bridge loan to complete renovations on his 3,600 s/f Upper East Side private full-service boutique condominium. Brad Do- menico was able to arrange a 12 month interest only loan which provided fund- ing of $5.5 million at clos- ing and an additional $2.5 million for remaining reno- vations. The non-recourse loan was collateralized by a first mortgage on the UES condominium and second mortgages on two luxury Boston condominiums. “It is very difficult to find funding of this type in gen- eral, but when you add in the complication of a foreign national, it came down to the lending relationships that Progress Capital has solidi- fied over the years”, said Brad Domenico. Upon completion, the bridge loan will be refi- nanced with a conventional mortgage through Citibank. Progress Capital Advisors’ loan programs include Fixed rate loans, construction and specialty financing as well as direct lending for bridge loans. n N Advantage Engineers adds 8,000 s/f to MD office COLUMBIA, MD — Ad- vantage Engineers an- nounced the expansion of their Columbia office. The firm
Albert F. Chanese, SCGREAMAI | Jennifer Barany, SCGREA Michael Nwose, SCRREA
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333 State Street Perth Amboy, New Jersey 08861 (732) 853-0271
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they wrote the policy. we make sure they write the check.
M. MILLER & SON L ICENSED PUBL IC INSURANCE ADJUSTERS SINCE 1960
FIRE | WATER | WINDSTORM | COLLAPSE | BUSINESS INTERRUPTION MULTI-FAMILY, COMMERCIAL, HOSPITALITY, INDUSTRIAL, AND RESIDENTIAL PROPERTIES
has added an a d d i t i o na l 8,000 s/f to their 10,000 s/f facility in the Colum- bia Gateway B u s i n e s s Park, a 630- acre corpo-
n 24/7 Comprehensive Emergency Services n Policy Analysis n Property Damage Assessment n Full Claim Preparation
n Negotiate Loss and Values n Negotiate Maximum Settlement n Facilitate Prompt Reimbursement n Third-generation, Family-owned
rate community. The expan- sion will accommodate their recent growth in the Mary- land, DC and Virginia market. “The office expansion will allow for a more efficient use of our resources and better col- laboration among team mem- bers,” said John McGrath , COO at Advantage Engineers. “We expect to see continued growth across all of our ser- vice lines and look forward to continuing to meet the needs of our clients.” n John McGrath
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