Description

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.