Brooklyn Multifamily Refinance Secures 10-Year Fixed-Rate at 4.40%

TINTON FALLS, N.J. - Aug. 30, 2018 - PRLog -- In a rising rate environment working with a commercial mortgage broker has become almost essential to secure the best market rates. On behalf of his client, Abe Mann, Vice President at Progress Capital, secured a low 4.40% interest-rate fixed for 10-years to refinance the multifamily property at 335 18th Street in in the South Slope Neighborhood of Brooklyn. The subject property is a 3-story walk-up with 6 residential units

Negotiating a $1,600,000 permanent mortgage allowed the client to retire the existing debt on the property and recapture a significant amount of invested equity to fuel continued real estate acquisitions adding to an already robust portfolio.

The loan is accompanied by a 10-year term and 30-year amortization. In addition the borrower may repay the loan at any time without penalty.

Progress Capital is a leading Commercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners and residential developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and deployed over $150 Million through their direct lending platform.

To Learn More About This and Other Deals from Progress Capital Visit Us Online: http://www.progresscapital.com