NEW JERSEY — Brad Domenico, managing director at Progress Capital, led the team to close a $20 million, interest only, non-recourse land loan. The funding allowed the client to retire existing debt, fund SRO tenant buy-outs and provide pre-development funds, clearing 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 architecture, featuring 13 private elevator condominiums, with floor to ceiling windows and protected western views overlooking the Hudson River and Manhattan. Anchored by the residential lobby, an art gallery, restaurant and underground parking, the building will be the epitome of inspired living. $30 million construction loan - limited recourse - 80% LTC!In another recent transaction, 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 longtime client of Progress Capital, is constructing a 7-story apartment building over a 2-story garage in Teaneck, NJ comprised of 128 residential units, ranging from 1-bedroom to 3-bedroom with den and balcony. The partially covered garage will hold 256 spaces. The beautifully appointed building 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, Progress 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 financial analysis to ensure profitability 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.