Progress Capital provides $8m bridge loan for UAE Prince
NEW YORK —Progress 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 Domenico was able to arrange a 12 month interest only loan which provided funding of $5.5 million at closing and an additional $2.5 million for remaining renovations. 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 general, but when you add in the complication of a foreign national, it came down to the lending relationships that Progress Capital has solidified over the years”, said Brad Domenico. Upon completion, the bridge loan will be refinanced 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.