$4,400,000 Secured in Brooklyn Office Refinance
Abe Mann, Vice President of Progress Capital arranged a $4,400,000 loan to refinance a newly renovated medical office property located in the Bensonhurst neighborhood of Brooklyn, NY.
Located at 8501 New Utrecht Avenue on the corner of 18th Ave. and 86th Street, the property was acquired last year for $4,000,000 as vacant and in need of rehabilitation. The sponsors renovated extensively including an all-new façade, layout, new plumbing, electrical work, elevator, windows, doors, flooring and fixtures.
Consisting of 27,000 square feet, the first two floors were recently leased to a medical related tenant that provides senior citizen services such as care for individuals with Alzheimer’s and Dementia.
Abe negotiated the permanent mortgage financing with the following key terms:
- 75% LTV
- 4.50% Fixed for 7 Years
- 12 Year Term
- 30 Year Amortization
- Non-Recourse, subject to 1.25x DSCR
- 3,2,1 Prepayment Penalty
With an extensive knowledge of New York City’s Capital Markets, Abe Mann was able to identify the right Savings Bank that currently has a strong appetite for medical office properties to negotiate excellent all-around terms. Abe, along with the firm’s analysts, managed the entire underwriting and closing process for the sponsors who were very pleased with their experience.
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress