Description

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