Description

ERG Commercial Real Estate is proud to announce the recent loan closing of 211-12 Northern Boulevard in Bayside, Queens. This two story mixed-use (retail and office) building is currently vacant due to structural damage caused by a neighboring development site. The borrower initially had a traditional mortgage, but was unable to refinance due to the condition of the building. Our broker assisted in the process of obtaining a loan for the borrower through ERG’s private lending division and succeeded in helping the client given the unique circumstances. ERG was able to facilitate a safe closing adhering to social distancing guidelines, in light of the COVID-19 pandemic, to obtain the client’s requested loan amount of $1,300,000.