$51M Bridge Loans Fund Two Borough Acquisitions
Progress Capital has arranged $51 million in two separate bridge loans for Jorge Madruga of Maddd Equities and Eli Weiss of Joy Construction to complete two borough acquisitions. The acquisitions include 77,675 square feet of paved parking along River Road in the Bronx, and the 115,000-square-foot American Self Storage Building, 202-208 Tillary St. in Brooklyn (pictured).
“Parking lots and self-storage facilities are an often-misunderstood asset class, and as such securing a mortgage when acquiring such properties can be challenging,” said Madruga. Working with Progress Capital’s Brad Domenico, he added, “we were able to not only secure financing quickly, but also increase the leverage of both borrowings with flexible prepayment terms.”
Domenico negotiated the loan amounts and terms with Natixis’ Jared Zimmel. Neal Sroka of Douglas Elliman brokered both sides of the sale transaction. The Bronx site initially will contain two affordable housing towers; 202-208 Tillary will be operated as-is, until ownership finalizes development plans.
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