ERG Commercial Real Estate, through an affiliate, delivered a $4.65 million refinance loan on a midtown office building at 150 W 36th Street.
The five-story, 13,000 sq. ft. building, with ground floor retail, is located between Sixth and Seventh Avenues in the heart of the Garment District. The lender, a local bank, offered a five-year term on the new loan with four, five-year extension options on the self-liquidating loan. The local building owner needed to refinance out of his private loan into a new loan with a lower rate.
“In a market where most lenders are reluctant to finance office buildings, we broke through and secured the deal,” said Guarino.”Despite the challenges, we found the right lender and locked in the terms. Persistence pays off!”
