Progress Capital Advisors arranges $11m construction to permanent loan for renovation
Coney Island, NY — Progress Capital Advisors was tasked with arranging an $11 million construction to permanent loan in order to renovate a decaying Sandy damaged 52,000 s/f mixed use building in Coney Island. The renovation provides a clean and renewed welcoming space for HRA (Human Resources Administration – City of NY) offering much needed support for area residents. The building was also expanded and now includes a 9,400 s/f Dollar Tree and a 15,000 s/f Blink Fitness, improving the overall neighborhood.
Build it and they will come…
• 4.7 million subway riders visit Coney Island each year and 13 million people visit the beach each season
• NY Aquarium is undergoing a $150 million renovation and expansion
• Rubin Schron is planning a massive 40 Story mixed-use building on Neptune Ave.
• ARC Electric has filed plans for an 86 unit MF building on Mermaid and 15th St.
• Thor Equities brings Coney Art Walls from street artists to his Bowery St. site adjacent to the Coney Island Boardwalk
• Smorgasburg (with locations in Williamsburg and Brooklyn Bridge Park) is coming to Coney Island. Smorgasburg is a playground for food vendors creating new and interesting eats
• Mark Wahlberg is opening up a new 6,800 s/f outpost in Coney Island
The renovation loan was a LIBOR floating rate loan which recently converted to a permanent at 4.25% for
10 years on a 25 year amortization. “It was a complicated loan structure that involved three separate credit facilities that were consolidated at the permanent,” said Kathy Anderson. “Without Kathy Anderson working with me throughout the entire three year process, I might not have reached the finish line,” said Steve Samuels, owner.