REBusinessOnline

Progress Capital Secures $4.1M Construction Loan for Mixed-Use Property in the Bronx

NEW YORK CITY — Progress Capital has secured a $4.1 million construction-to-permanent loan for the development of three attached, four-story mixed-use buildings in the Mott Haven section of the Bronx. Located at 139-141 Alexander Ave., each building will consist of seven residential units and a ground-level retail space. Brad Domenico of Progress Capital represented the borrower, Maddd Equities, in securing the financing through an undisclosed lender. The loan includes an initial 18-month interest-only period followed by a seven-year permanent mortgage.

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