Short Term Capital, a New York-based family office, has funded a $2.8 million acquisition and renovation loan secured by a six-unit multifamily building located in the Ditmas Park section of Brooklyn, NY.
The property, at 624 E 17th Street, is 6,300 sq. ft. and sits on a 4,000 sq. ft. lot.
The borrowers purchased the vacant building for $2.6 million, according to Short Term Capital’s Finance Director Mary Guarino. “The Guarantors are seasoned real estate professionals with an established history in successful real estate acquisition and redevelopment activities. The property will undergo a building wide substantial rehabilitation and will be repositioned to accommodate co-living apartments.”
According to Guarino, “Short Term Capital was able to fund despite the property being fully vacant and having zero rental income.”
In another deal, Short Term Capital provided a $550,000 loan to the owner of a four-story, 16-unit multifamily building located in the Crown Heights neighborhood of Brooklyn. The proceeds were used to replace the existing debt and to save them from foreclosure.
The building at 1239 St. John’s Place, is 14,596 sq. ft. and sits on a 5,416 sq. ft. lot. “We were happy to save the borrowers from foreclosure. The building has been in their family for over 50 years.” said Short Term Capital’s Finance Director Mary Guarino.
Short Term Capital, with offices in Carle Place, L.I., in addition to originating new loans also buys non-performing mortgages. Brokers are always protected.
