Progress Capital Arranges $30 Million Construction Loan

128 Luxury Apartments - Limited Recourse - 80% LTC

Progress Capital Arranges $30 Million Construction Loan
Teaneck, NJ, October 30, 2015 --( Brad Domenico, Managing Director, 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 + 350 bps; 25% Limited Recourse and 80% LTC.

The Family Office, a long term client of Progress Capital is constructing a 7-story apartment building with 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 with 90% of the workforce employed as professionals.

“More and more, Progress Capital is becoming the financial arm of our clients," Domenico said. "We treat each of their deals as if it is our investment, providing a thorough financial analysis to ensure profitability and portfolio growth."

Progress Capital Advisors' loan programs include Construction, Fixed Rate Loans and Specialty Financing, as well as Directly Funded Bridge Loans. With over $40 Billion in closed loans and $100 Million in direct lending, we get to the closing...plain and simple.

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