ERG Lines Up Loan to Complete Staten Island 1031 Exchange
ERG Commercial Real Estate delivered a $2.25-million traditional bank loan for a borrower who purchased an industrial warehouse building in the Bloomfield section of Staten Island for $3.8 million.
ERG was able to provide the difference in proceeds needed in the 1031 exchange. The five-year fixed acquisition loan featured a 6.5% interest rate for the borrower who purchased the 19,125-square-foot multi-tenant industrial building at 3475 Victory Blvd.
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