Description

ERG Commercial Real Estate, through an affiliate, delivered a $5 million cash out refinance loan to the owner of a fully leased commercial cash flowing property containing five tenants in Bushwick, Brooklyn.

The 13,300 sq. ft. property at 29 Wyckoff Avenue and Troutman Street that was built in 1931, is located in one of Bushwick’s busiest retail intersections.

The loan features a 4.0% fixed rate for five years with a five year option to renew and a 25-year amortization rate.

The borrower has owned the property for over 20 years operating his business out of the warehouse. However, as the area has seen massive change over the last few years, prime retail tenants began to show interest in the site. Over the last year, the owner converted the property from a large warehouse to 5 retail units, adding significant value to the property

“This was a great deal for all the parties involved. Through strong relationships and the quality of the deal, the bank was able to hold the 4% rate through the market changes while the owner finalized the buildout of the retail spaces ” said ERG’s Managing Director Ryan Lewis who, along with Mary Guarino negotiated the loan for the borrower.