Description

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 sq. ft. multi-tenant industrial building at 3475 Victory Blvd.

“Our client’s priorities were speed and confidence in closing in the timeframe required”. said ERG’s Managing Director Ryan Lewis who negotiated the loan, along with ERG’s Finance Director Mary Guarino. “Given our knowledge of the market in this shifting finance environment, we knew what bank to go to as well as we were able to anticipate the items the bank needed to streamline the process.”

The property was 100% occupied with five different tenants with its anchor tenant being, Coffee Holding Company Inc.