Description

ERG Commercial Real Estate is proud to announce the closing of a $1,444,000 acquisition loan for 10-12 Railroad Avenue, Bethpage, NY.

The fully occupied mixed use property is equipped with 9 residential apartments and 1 commercial unit.  The 6,137sf property sits in the heart of Bethpage, Nassau county directly across from the LIRR Train Station. The owner’s goal was to purchase the property with good leverage to then invest back into the property to add value.  We were able to arrange a 5-year fixed traditional mortgage with an interest only component for the first year which would then convert to an amortizing loan for the remaining years.  However, we were also able to arrange that for the first year the borrower would have the option to cash out/refinance without penalty after adding value to recapitalize his investment further accomplishing the borrower’s goals.