BRONX & BROOKLYN, NY — $51 million, in two separate loans, was arranged by Brad Domenico, partner at Progress Capital, for Jorge Madruga of Maddd Equities and Eli Weiss of Joy Construction to complete two borough acquisitions. The acquisitions include 77,675 s/f of paved parking along River Rd. at the intersection of McClellan St. in the Bronx and the 115,000 s/f American Self Storage Building located at 202-208 Tillary St. in Brooklyn.
“Parking lots and self-storage facilities are an often-misunderstood asset class, and as such securing a mortgage when acquiring such properties can be challenging with the difficulty in forecasting future projections and potential uses while navigating zoning and height restrictions for future development. Working with Domenico we were able to not only secure financing quickly, but also increase the leverage of both borrowings with flexible prepayment terms,” said Madruga.
The River Ave. parcel will be the eventual site of two affordable housing towers which will include 172,000 s/f of residential space, ground level retail and sub-grade parking.