By Joshua Burd
Progress Capital Advisors has brokered more than $4 million in financing for the developer of a seven-unit luxury residential complex in the South Bronx, the Tinton Falls-based firm said.
Representing MADDD Equities, Progress Capital said it negotiated a $4.157 million construction-to-permanent loan for the project, which located in the Bronx’s Mott Haven section. The project calls for three attached four-story buildings at 139-141 Alexander Ave., which will house residential units above ground-floor retail space.
Partner Brad Domenico arranged the loan, which is provided by Sterling National Bank, with an initial 18-month interest-only period during construction, according to a news release. After the interest-only period, the loan converts to a seven-year permanent mortgage based on a 30-year amortization.
