124-132 East 125th St. in New York — Courtesy: Progress Capital
By Joshua Burd
A developer has landed $15 million in financing for its acquisition of a parcel in Manhattan’s Harlem neighborhood, according to a debt placement team with Progress Capital.
The Tinton Falls-based advisory firm represented the borrower, Jorge Madruga of MADDD Equities, in sourcing the loan from Metropolitan Bank. The deal will allow the New York-based builder to proceed at 124-132 East 125th St., where plans call for merging the site with neighboring air rights to allow for a larger development.
Progress Partner Brad Domenico secured the recent acquisition loan, as well as financing for Madruga’s purchase of the neighboring properties. The project will include a new building with commercial and community facility uses, with a location at the corner of Lexington Avenue that provides quick access to public transportation and neighborhood parks.