Description

ERG Commercial Real Estate is proud to announce the successful closing of a $1,500,000 cash-out refinance for 298 Main Street, Hempstead, NY.

This fully occupied 14-unit multifamily property is strategically located along the strong Main Street corridor, on the border of Hempstead and Garden City in Nassau County. The 7,777-square-foot building benefits from its proximity to several new developments, as the surrounding area continues to experience steady growth and revitalization.

ERG successfully secured a traditional bank mortgage featuring a 5-year fixed rate at 6% with a 30-year amortization schedule. Additionally, we were able to structure a significant cash-out component for the borrower, who acquired the property just last year—providing ample capital for future investments while maintaining stable, long-term financing on the asset.