Description

ERG Commercial Real Estate has arranged a $3,000,000 refinance/cash out loan to the owner of a prime Gowanus warehouse that is presently leased to Brooklyn Gin, a gin distillery/restaurant coming to the neighborhood that borders Park Slope.

The owner/developer plans to use the loan from a Long Island bank to refinance two earlier loans on the 8,280 sq. ft. two-story warehouse at 316 Douglass Street the borrower purchased in 2004. They will also use the remainder of the loan to buy new properties in the tristate area to add to a collection of small mixed-use buildings in Brooklyn and Queens owned by the borrower.

Due to having a strong relationship with the bank and having a strong borrower, we were able to find a bank willing to lend on this single tenant/triple net property.