Description

ERG Commercial Real Estate, through an affiliate, delivered a $2.435 million refinance loan to the owner of a fully leased commercial property, containing seven tenants, located in New Rochelle, NY.

The tenants of the property at 570-574 North Avenue and 1-15 Coligni Avenue include a Dominos Pizza, deli, spa, a Venezuelan restaurant, toy store, auto repair shop and landscaping company.

The loan features a 5.50% fixed rate for five years with a five year option to renew.

“The client sought to pay off his existing mortgage and cash out additional proceeds to expand his real estate portfolio,” said ERG’s Mary Guarino who negotiated the loan for the borrower who has owned the property since 2004.