ERG Commercial Real Estate has provided a $6 million refinance loan on two, three-story brick mixed-use buildings off the Brooklyn waterfront on one of Greenpoint’s premier corridors.
The properties, at 23 and 27 Greenpoint Avenue, features four high end apartments and two ground floor restaurants.
ERG’s Managing Director Ryan Lewis and ERG’s Finance Director Mary Guarino closed the deal on the $6 million, five-year refinance loan at 4.625% with five year option at 30 years amortization. This was a cash out refinance after the owner completed a gut renovation that included renovating the apartments into luxury units with terraces and adding ground floor restaurants with rear outdoor dining space.
“Through our strong relationships and understanding of the changing market, we were able to streamline the loan process and navigate through these volatile times to accomplish our client’s goal,” said Lewis. “The deal was able to close despite both retail tenants being in the middle of their build outs and not being open for business at the time of the closing.”
