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Progress Capital Arranges Construction Debt on Bronx Mixed-Use
Abe Mann, managing director at Progress Capital, arranged a $16-million construction loan to complete a 60,000-square-foot mixed-use property at 653-66 Mace Ave. in the Bronx’s Allerton neighborhood.
The borrower, Abraham Wieder, founder of Supreme Equities, is developing 53 residential units, 30% of which will be deemed affordable, plus 16,000 square feet of commercial space.
Mann worked with Acres Capital, which provided financing at nearly 80% LTC, non-recourse with carve-outs and a competitive floating rate over Libor.
Among the challenges Mann faced during the loan process was the ongoing impact resulting from the COVID-19 pandemic. With the volatility in the markets, difficulties in underwriting credit risk and disruption of construction projects, he nonetheless managed to get to the closing table.
“We had the loan fully approved pre-COVID-19 and we thank Acres for holding the same structure, rate and terms in place,” said Mann.
For comments, questions or concerns, please contact Paul Bubny
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