A rendering of a condominium project at 176 East 82nd St. in Manhattan — Courtesy: Progress Capital
By Joshua Burd
Progress Capital has secured more than $26 million in financing for the construction of a luxury condominium complex on Manhattan’s Upper East Side.
The commercial mortgage broker, which is based in Tinton Falls, announced this week that it negotiated the loan on behalf of Shaky Cohen and Nexus Building Group. The proceeds will be used for the project at 176 East 82nd St., with plans calling for nine residences and one commercial space on the ground floor.
Brad Domenico of Progress Capital sourced the financing with Michael Hoffenberg and Charlie Zabriskie of Trevian Capital. The non-recourse, interest-only loan will be used to fund hard and soft costs required to complete construction.
