Progress Capital has arranged a $15 million acquisition loan for a development site located at 124-132 E. 125th St. in Harlem.
The site is situated near public transit outlets and several recreational areas such as McNair Park, Alice Kornegay Triangle and Harlem Art Park.
The borrower, locally based developer Maddd Equities, plans to construct a building of an undisclosed size that will feature retail and other types of commercial space.
Brad Domenico of Progress Capital arranged the loan, terms of which included two years of interest-only payments, through Metropolitan Bank reports Rebusiness Online.
For the best picks, get HWM's must read newsletter!