Description

ERG Commercial Real Estate is proud to announce the $8,500,000 bridge to perm refinance of 501 Industry Road, Staten Island, NY.   This property is equipped with a 40,000-sf industrial building that sits on 9-acre lot in the heart of Staten Island’s premier industrial section. The property is located just off the highly travelled W Shore Expressway (rt 440) that gives easy access to major transportation routes into and out of NYC/New Jersey.   At the time of closing, the building was fully occupied with additional income revenue from multiple ground lease tenants using the vacant land on the property.  Although the tenants were all on newly signed leases, we were able to use our strong relationships to secure a 5-year loan with an institution lender. The first year of the term will be an interest only bridge product that after certain thresholds are met, will convert to a traditional amortizing loan for the remainder of the term.