BROOKLYN, NY — Representing MADDD Equities, Brad Domenico, partner at Progress Capital, negotiated a $4,157,000 construction to permanent loan for the development of three attached four-story mixed-use buildings located at 139-141 Alexander Ave. in the Mott Haven section of South Bronx. Each of the three buildings will include seven luxury residential units and one single ground level retail space.
Domenico arranged the loan with an initial 18-month interest-only period during construction. After the interest-only period the loan converts to a seven-Year permanent mortgage based on a 30 year amortization.
Progress Capital is a Commercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners and residential developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and deployed over $150 Million through their direct lending platform.