ERG Commercial Real Estate is proud to announce the recent closing of 2108-2110 2nd Avenue in East Harlem, New York. The marketing of this property, whose rent roll is entirely comprised of stabilized rents, began before the recent rent regulation changes. With the proper insight and guidance, ERG was able to facilitate this sale through the turbulent market conditions after these changes. The final sale price of the property was $1,950,000 and at an effective cap rate of 3.8%, achieving a market premium.
ERG Commercial Real Estate is proud to announce the recent sale of 2416 Chestnut Avenue, Ronkonkoma, NY. The property is a 16,000 square foot industrial/warehouse building that is fully occupied by two tenants. The property came with two heavy duty cranes and multiple overhead doors. ERG was able to guide the sellers through the process of the sale which took a substantial amount of time due to Certificate of Occupancy issues. With ERG having the market knowledge and wherewithal to be able to complete such a complicated transaction, the client was left in a good position. If you have a property that may have some issues but are still looking to sell, ERG Commercial Real Estate is the right company to represent you on your deal.
ERG Commercial Real Estate is proud to announce the recent closing of 266 Jericho Turnpike in Floral Park, NY and 414-420 Hillside Avenue in New Hyde Park, NY. This was a traditional Cash out/ Acquisition loan on a mixed-use multi tenanted office/retail building on Jericho Turnpike and a multi tenanted strip center on Hillside Avenue. We were able to get the client a total of $1,400,000 in proceeds for 5 years with an additional 5 year option on a 30 year amortization schedule. This deal had a number of issues arise throughout the process in regards to leases, estoppels, and disagreements between purchaser and seller. Despite these challenges, ERG was able to navigate the client through the loan process resolving all matters to satisfy the client’s needs
ERG Commercial Real Estate is proud to announce the recent closing of 1895-1897 Wantagh Avenue in Wantagh, NY. This was a traditional Cash out/ Refinance on a multi tenanted/ owner occupied strip center on Wantagh Avenue, just off of Sunrise Highway. We were able to get the client $1,035,000 at 4.25% for 5 years with an additional 5 year option. Due to our strong banking relationships, we were able to expedite the loan process as well as obtain much stronger terms than he was seeing in the market place.
ERG Commercial Real Estate is proud to announce the recent closing of 40-37 76th Street and 39-18 61st Street in Woodside, Queens. ERG facilitated a $2,000,000 private loan on the acquisition of the mixed use property located on 40-37 76th Street with additional collateral of a three family building located at 39-18 61st Street. ERG understood the borrowers needs and created a loan and structure that was beneficial to the borrower. The term of this loan is for one year with an option for a second year. ERG Commercial Real Estate is already working with the borrower to replace this private debt with traditional financing.
ERG Commercial real Estate is proud to announce the recent finance closing of 3839 Bronxwood Avenue Bronx, NY. The owner of this newly constructed multifamily building in the Bronx was looking to recoup capital from the project to deploy elsewhere. The borrower decided to start the financing process before obtaining a TCO for the property. Due to ERG’s close relationship with our banking partners we were able to close shortly after the client obtained a TCO and prior to the building being included in the affordable New York housing program. (formerly 421A).
ERG Commercial Real Estate is proud to present the recent financing of 450 78th Street in Brooklyn, NY. The owner of this 20 unit multifamily building wanted to take out a loan to do capital improvements on his property. The borrower also had the special condition of wanting to have this loan be self-liquidating over a 10 year period. ERG was able to secure a loan for the borrower that met his criteria at a rate of 4.0% for a 10 year fixed loan with a 10 year amortization period. Due to ERG’s close relationships with our banking partners, we exceeded our client’s goals and fulfilled his financial needs.
ERG Commercial Real Estate is proud to present the recent closing of 140 Frost Street in Brooklyn, NY. ERG was able to help the owner obtain financing for his mixed use property. The borrower was looking to replace his current private financing, as well as cash out some additional funds for future projects. ERG was able to get hold of a high leverage loan at a very low rate to fulfill the borrowers request. Through ERG’s excellent banking relationships we are able to get the most competitive financing deal for our clients. No deal is too small or too big or too difficult. Please feel free to give ERG Commercial Real Estate a call for any of your financing needs.
ERG Commercial Real Estate is proud to present the recent closing of 74-30 Woodside Avenue. ERG was able to obtain financing for this mixed use property through relentless effort. The property needed a new Certificate of Occupancy, Renovation and Repair work as well as the clearing of multiple violations. ERG was able to guide the borrower through this process while also working with the lender to make sure they stayed on board throughout the progression. The borrower was so pleased with the work ERG did, he has returned for his next financing project. If you have a difficult financing project please feel free to reach out to ERG Commercial Real Estate.
ERG Commercial Real Estate is proud to present the recent financing of 150 Hale Avenue, Brooklyn, NY. 150 Hale Avenue is a small three story multifamily building in Brooklyn, NY that was leased out on a NNN basis to a New York City Agency. The deal had a number of issues that ERG was able to resolve to get it closed, the least of which was that the building was nonconforming to its current C/O. Due to ERG’s strong banking relationships ERG was able to navigate through these issues and resolve the banks concerns to be able to close the deal.
ERG Commercial Real Estate is Proud to present the recent financing of 57 Congers Road, New City, NY. The subject property is a 29 unit multifamily garden style apartment complex. The property had been in estate court for the past 10 years with a dispute between the heirs to the estate. When an agreement was finally reached, ERG was able to step in and find the new purchaser a loan that covered the full cost to buyout the other parties and cover closing costs. This deal closed in one and a half weeks from start to finish.
ERG Commercial Real Estate is proud to present the recent financing of 469 South 9th Street and 138 Mount Vernon Avenue in Mount Vernon, NY. The borrower was in contract to buy a portfolio of properties he won at auction, he needed quick financing in order to close on the transaction. ERG Commercial Real Estate was able to provide him with the financing he needed very quickly and without any headaches. Due to our ability to lend in house without appraisal reports or environmental reports we met all of our client’s needs of a quick closing with no burden of paperwork.
ERG Commercial Real Estate is proud to present the recent private financing of 460 Halsey Street in Brooklyn, NY. The 9,500 square foot, 8 family building is located between Marcus Garvey Boulevard and Lewis Avenue in the heart of Bedford Stuyvesant. The owner was seeking private financing to replace his current loan, while cashing out to finance a gut renovation of said property. There was a recent fire, which caused a vacate order and a need for the renovation. ERG was able to secure the loan and close within two weeks.
ERG Commercial Real Estate is proud to present the recent refinance of the Sherwood Diner in Lawrence NY. The Principal came to us looking to lower his debt service while locking in a long fixed term. We helped the owner reach his goals and help him have a substantial savings on his monthly payments. Though our hands on approach we were able to understand the business and borrowers needs and help advert any potential problems during the refinancing process.
ERG Commercial Real Estate is Proud to present the recent financing of a mixed use building on 126th Street in College Point, Queens. The borrower was interested in refinancing his current private mortgage and taking out additional proceeds the use towards improvements to his property as well improvements to other real estate he owned. We were able to secure this loan and close in two weeks. The private loan we provided to the borrower satisfied his needs and gave him the time he needs to complete his goals with the property.
ERG Commercial Real Estate is Proud to present the recent financing of a 52 unit multi-family building on McLean Avenue in Yonkers. The borrower was interested in refinancing his current mortgage and taking out additional proceeds to use towards the investment in additional commercial real estate. ERG was able to help the owner navigate the refinancing process and get him over and beyond the proceeds any other bank would offer him.
ERG Commercial Real Estate is proud to present the recent refinancing of 75 West 118th Street in Manhattan, NY. ERG provided the borrower with a $2,100,000 bridge loan to take out his defaulted traditional financing. By creating this opportunity for the sponsor, ERG was able to give him the time and space needed to resolve some financial issues he had due to a legal fight with a tenant. In addition, ERG facilitated an assignment of mortgage from his current lender. The deal was closed quickly, with no appraisal or environmental report needed. The subject property is an 8 unit multi-family building that was recently gut renovated.
ERG Commercial Real Estate is proud to present the recent financing of a three story mixed-use building on Jamaica Avenue in between 173rd and 175th Street in Queens, NY. The borrower had just completed fully renovating the property and wanted to recoup the investment he made in Capital improvements as well as cash out some additional proceeds for future real estate investments. ERG was able to help the owner successfully navigate the process to clear the building of all violations and Certificate of Occupancy issues, allowing the deal to close in a timely fashion.