NEW YORK CITY – Progress Capital has secured a $50 million construction loan for the Ruppert Ice House in the Mott Haven neighborhood of the Bronx. Progress Capital partner, Brad Domenico arranged the construction loan. Maddd Equities' Jorge Madruga acquired the property alongside partners, Eli Weiss and Drew Katz. The partners will utilize the loan to convert to building into a K-12 DREAM Charter School. The non-profit organization, DREAM aims to provide inner-city youths of East Harlem, the South Bronx and Newark with opportunities to fulfill their dreams. Located at 18-22 Bruckner Boulevard, the 188,000-square-foot space will be designed by architect, Sir David Adjaye. Recently knighted by Her Majesty the Queen for services to architecture, Adjaye previously designed the National African American Museum. Each level of the long-vacant building will be fully renovated. The restoration will include the addition of specialty classrooms, such as a dance room, art room, graphic design lab, a library hall and a 6,670-square-foot gymnasium. "It's one of these projects that you feel will define your whole life," said Weiss. "You're taking a building that's been vacant for decades and using it to educate inner-city youth." Built at the turn of the century by American brewer, Jacob Ruppert Jr., the building previously served as a former ice warehouse. The property's surrounding area has experienced numerous new developments and building transformations within recent years. Based in New York and led by Jorge Madruga, Maddd Equities LCC is a real estate development and investment firm. The company manages a portfolio of 3,000 multifamily units and roughly 500,000 square feet of commercial space. Commercial real estate advisory firm, Progress Capital secured financing options for clients. The company has more than $40 billion in closed loans and $150 million in directly funded bridge loans.