18A — November 13 - 26, 2015 — Financial Digest — M id A tlantic
Real Estate Journal
www.marejournal.com
F inancial D igest Brad Domenico leads team to close $20m land loan and $30m construction loan Progress Capital’s recent transactions pave the way to development
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the way for a 14 story mixed use building in the highly desirable West Chelsea sub- market. The loan was closed in 3 weeks with highly favorable terms of floating rate LIBOR for 12 months with a 6 month extension. The developed structure will be the ultimate living space for admirers of art, design and contemporary ar- chitecture, featuring 13 pri- vate elevator condominiums, with floor to ceiling windows and protected western views overlooking the Hudson Riv- er and Manhattan. Anchored by the residential lobby, an art gallery, restaurant and underground parking, the building will be the epitome of inspired living. $30million construction loan - limited recourse - 80% LTC! In another recent transac- tion, Brad led the Progress Capital team in arranging a $30 million construction loan. Terms included 24 months interest only with a 6 month extension at LIBOR plus 350 bps; 25% Limited Recourse and 80% LTC . The Family Office, a long- time client of Progress Capi- tal, is constructing a 7-story apartment building over a 2-story garage in Teaneck, NJ comprised of 128 resi- dential units, ranging from 1-bedroom to 3-bedroom with den and balcony. The partially covered garage will hold 256 spaces. The beautifully appointed build- ing with open lobby and high end finishes in each living space is perfectly placed in Teaneck, NJ where 90% of the workforce are employed as professionals. “More and more, Prog- ress Capital is becoming the financial arm of our clients,” said Domenico. “We treat each of their deals as if it were our investment, providing a thorough finan- cial analysis to ensure profit- ability and portfolio growth.” 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. n
EW JERSEY — Brad Domenico , managing director
at Progress Capital, led the team to close a $20 m i l l i o n , i n t e r e s t only, non- r e c o u r s e land loan . The funding
Brad Domenico
allowed the client to retire existing debt, fund SRO ten- ant buy-outs and provide pre- development funds, clearing
$30 million construction loan
THE FUNDING SOURCE
+ ADVISORS =
+ CAPITAL
PROGRESS
(Financing)
(Experts)
(Forward)
25 Years of Solutions | $40 Billion in Financing | $100 Million in Direct Loans Fixed Rate Loans | Construction Financing | Specialty Financing | Direct Funding
Progress Capital Advisors The Funding Source
Phone: (732) 389-9701 www.ProgressCapitalAdvisors.com
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