NEW YORK, Nov. 28, 2018 /PRNewswire/ -- On behalf of Jeff Sutton and Wharton Properties, Abe Mann of Progress Capital secured $23,000,000 to refinance 324 West 125th Street. Located on a prime corner in the Harlem neighborhood of Manhattan, the subject property is a newly constructed retail development anchored by CVS and Zwanger Pesiri Radiology.
Mann negotiated and secured the permanent mortgage with Wells Fargo. The non-recourse loan is accompanied by an extremely low interest rate, full term IO and no prepayment penalty.
"It's an honor and a privilege to represent Jeff Sutton and his partners in securing financing on such a beautiful retail property. We enjoyed working with Wharton Properties throughout the closing process and we look forward to working together again in the near future."- Abe Mann
The proceeds of the loan will be used to retire the existing debt and provide significant cash-out of vested equity that will be used to fuel a continued expansion of the borrower's real estate investment portfolio.
About Jeff Sutton, Wharton Properties
Jeff Sutton is the Founder and President of Wharton Properties, a commercial real estate company. Over the past 25 years, Jeff has amassed over 120 properties in prime locations throughout New York City. His strong relationships with high quality retail tenants have led to flagship stores and record breaking deals. Tenants include names such as Prada, Giorgio Armani, Apple, Dolce & Gabbana and Nike.
About Progress Capital
Progress Capital is a leading Commercial Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners, operators and developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and directly funded over $150 Million. With 25 years of industry leading experience, Progress Capital has an unrivaled network of lending partners and capital market relationships allowing us to provide you with flexible custom financing solutions.
MEDIA CONTACT: Lilly Preziose, 732-720-6302, [email protected]
SOURCE Progress Capital