ERG COMMERCIAL Closes Construction Loan On Queens New Mixed-Use Building
Carle Place, LI – ERG Commercial Real Estate, through an affiliate, has funded a $2.4 million refinance construction loan on a five-story mixed-use building in Corona, Queens. The 12,000 sq. ft. newly constructed building features 10 residential units and two commercial retail stores.
Matthew Murphy, Director of Finance, negotiated the deal on the property at 4053 Junction Blvd. on behalf of the lender and the borrower, a local developer. The 10-year loan with a five-year rate reset also has a 12-month earn out option.