Progress Capital arranges $50 million construction loan

June 25, 2020

Bronx, NY — Brad Domenico, partner at Progress Capital secured a $50 million construction loan for the long-vacant Ruppert Ice House located at 18-22 Bruckner Blvd. in the Mott Haven neighborhood of the Bronx. Jorge Madruga’s MADDD Equities acquired the property along with partners Eli Weiss and Drew Katz and is converting the building to a K-12 “DREAM” Charter School. DREAM (non-profit) provides inner-city youths of East Harlem, the South Bronx and Newark with opportunities and inspiration by recognizing their potential to fulfill their dreams.One of the challenges that Brad faced during the loan process included the ongoing impact resulting from COVID-19. With volatility in the markets, difficulties in underwriting credit risk and disruption with construction projects, Domenico needed to navigate many hurdles to get to the closing table. The 188,000 s/f space will be designed by world renowned architect, Sir David Adjaye, who designed the National African American Museum and was recently knighted by Her Majesty the Queen for services to Architecture.

 

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