New York & Tri-State + Uptown/Bronx + Finance | August 24, 2018

$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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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