Description

ERG Commercial Real Estate is proud to announce the recent finance closing for 2076 Daly Avenue in The Bronx. Matthew Murphy of ERG secured this $1,300,000 loan for a valued client. Due to strong cash flow, Matthew was able to secure a 5 year fixed rate with a 30 year amortization, and minimal COVID P&I reserves that will be released in a timely manner. The challenge was with a number of old DOB/ECB violations on the building. Matthew was able to find a lender that would finance with these violations in place as NYC Department of Buildings is backlogged on violation removal due to COVID.