ERG Commercial Real Estate, a Long Island based commercial real estate firm, through an affiliate, delivered a $2.5 million cash out refinance loan to the owner of a mixed-use property containing 13 apartments and two retail units in West Hempstead, Long Island.
The 13,526 sq. ft., two-story brick property located at 102-110 Hempstead Turnpike was recently gut renovated.
The loan features a 5.25% fixed rate for a 10-year-term with a rate reset after the first five years.
“The client needed to pay off his existing mortgage balance and wanted to cash out additional proceeds to recoup capital put into the property,” said ERG’s Finance Director Mary Guarino, who along with ERG’s Anthony Flaccomio negotiated the loan for the borrower. “We were able to close despite both retail tenants not occupying the spaces and awaiting town approvals for their build-outs.”
